Source: EdR / #Student #Housing
MEMPHIS, TN - EdR, a leader in the ownership, development and management of collegiate housing, announced the completed sales of two properties to two different companies for a combined price of $29.9 million.
The sale of Pointe West — a 480-bed community built in 2003 that is approximately two miles from the University of South Carolina campus — closed on July 1, 2014. On July 14, 2014, EdR closed on the sale of The Reserve on South College. Built in 1999, this 576-bed community is about a half mile from Auburn University’s campus.
The net proceeds from these dispositions were used to pay-off approximately $16.7 million of mortgage debt, with an average interest rate of 4.9% and to pay down the outstanding balance on EdR’s unsecured revolving credit facility.
“The disposition of these two communities supports the ongoing refinement of our portfolio toward newer, state-of-the-art communities in close proximity to campus,” said Tom Trubiana, EdR’s executive vice president and chief investment officer. “We will continue to enhance our portfolio for long-term shareholder value.”
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 — with the sale of these two properties — owns or manages 67 communities with nearly 37,000 beds serving 55 universities in 22 states.