MEMPHIS, TN - EdR, a leader in the ownership, development and management of collegiate housing, announced that it will develop a third phase at The Oaks on The Square adjacent to the University of Connecticut (UConn).
“By working together we have created a new town square filled with retail and upscale residential living in a vibrant, walkable community adjacent to a prestigious and growing university.”
EdR will own and manage this addition (Phase 1C) when completed in summer 2014. With an estimated $12.8 million development cost, Phase 1C will be adjacent to the first two phases (1A and 1B) and will complete the town square.
The exterior of this new phase will complement the award-winning, old town New England style of the first two phases while the interiors will boast modern amenities including high-speed internet, Wi-fi access, granite countertops and stainless-steel appliances, among others. Some apartments will also feature dining rooms and home office areas.
Unit mix and floor plans were determined based on the successful leasing history of the 322 apartments (503 beds) in Phase 1A and 1B, which are 100% leased. With the additional 92 apartments (116 beds) in Phase 1C, the complex will provide a total of 414 apartments (619 beds).
These first phases are attracting UConn faculty and staff, upper-level and graduate students along with townspeople looking for convenient apartment living. Approximately 8,000 graduate students and 18,000 undergraduate students are enrolled at UConn’s main campus.
“The first two phases of this development produced a winning situation for all of the development’s stakeholders, which includes the University of Connecticut, the town of Mansfield and its citizens,” said Randy Churchey, EdR president and chief executive officer. “By working together we have created a new town square filled with retail and upscale residential living in a vibrant, walkable community adjacent to a prestigious and growing university.”
Since its completion in summer 2012, Phase 1A has received numerous awards including: Excellence in Construction and the Spirit Award for large participation by local subcontractors from the Associated Builders and Contractors of Connecticut; People’s Choice Award and the Blue Ribbon Award for most significant project in the state of Connecticut from the Connecticut State Chapter of Career Women in Real Estate (CREW); and Multi-Family Project of the Year from the New England Chapter of the Construction Management Association of America.
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 67 communities in 24 states with more than 37,000 beds.