Source: EdR / #Student #Apartments
MEMPHIS, TN - EdR, one of the nation’s largest developers, owners and managers of collegiate housing, announced the purchase of Campus Village — a collegiate housing community serving Michigan State University in East Lansing, MI — for $20.9 million.
Campus Village is a 355-bed, 106-unit community located adjacent to the university. Developed in two phases in 2002 and 2004, the community is 97.7% leased for the 2012-2013 academic year with an average monthly lease rate of $639 per bed. The purchase price represents an approximate 6.7% economic cap rate on expected next 12 months’ net operating income. This fully-furnished community features one-, two-, three- and four-bedroom apartments with a private bathroom for each bedroom. Amenities include a clubhouse with fitness center, tanning bed, computer lab/business center, game room, volleyball court, and grill/picnic area.
The Michigan State campus has a total full-time enrollment of more than 41,500 undergraduate and graduate students. Current on-campus housing consists of approximately 15,000 beds.
EdR (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. A self-administered and self-managed real estate investment trust, EdR owns or manages — with this purchase — 65 communities in 24 states with more than 36,600 beds within over 12,000 units.