Source: EdR / #StudentHousing #Apartments
MEMPHIS, TN - EdR, one of the nation’s largest developers, owners and managers of collegiate housing, completed the purchase of 3494 Lindell, a collegiate community adjacent to St. Louis University in St. Louis, Missouri. EdR purchased the four-story apartment complex for $28.45 million. The purchase was funded by EdR with cash on hand.
Built in 2008, 3949 Lindell includes 256 beds in a variety of 197 studios, one- and two-bedroom apartments. Accommodations include ceramic countertops, modern appliances, wood cabinets, wood floors, full-size washer/dryer and large walk-in closets. Residents enjoy the large swimming pool and sundeck, fully equipped business center, fitness center and attached garage parking.
The 3494 Lindell property is currently leased for the 2011-2012 academic year at 91%. Based on leasing and other information, the first-year economic cap rate is expected to be approximately 6% on expected next 12 months’ net operating income. After renovations, the company anticipates an improved second-year economic cap rate in the 6.7% range.
Located in St. Louis’ affluent and vibrant Central West End neighborhood, 3494 Lindell draws residents from St. Louis University, which is across the street, and has an enrollment of approximately 13,200 undergraduate and graduate students.
EdR (NYSE: EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 61 communities in 23 states with over 34,700 beds within more than 11,200 units.