MEMPHIS, TN - EdR, a leader in the ownership, development and management of quality collegiate housing, announced two off-campus, joint venture developments scheduled to open in summer 2017.
EdR finalized a joint-venture agreement with RISE: A Real Estate Company (formerly Ambling University Development Group) to develop, construct and manage a mixed-use student community pedestrian to the Michigan State University campus.
EdR will own 90% of the $90 million development ($81 million), and will serve as managing partner and be responsible for leasing and management of the community that will be completed in summer 2017.
Construction recently commenced on this wrap-style development that will provide 824 beds in a mix of one-, two- and four-bedroom apartments along with more than 4,000 square feet of retail space. Apartments will feature private bedrooms and baths, washers and dryers, furnishings, granite countertops and other upscale appointments. Community amenities will include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions and volleyball court.
Michigan State’s full-time enrollment has consistently grown since 2012. Current enrollment is more than 50,000 undergraduate, graduate and professional students.
EdR also recently closed on financing and finalized development agreements with Carson Properties, a Central Texas real estate development firm with nearly 50 years’ experience, for this $29.6 million, purpose-built, student housing community one block from the Texas State University campus in San Marcos, Texas.
EdR will own 80% of the $29.6 million development ($23.7 million) and will serve as managing partner and be responsible for construction management, residential leasing and management of the community. Carson Properties will lease the approximately 6,000 square feet of ground floor retail space. Construction has begun toward a summer 2017 completion.
Named The Local Downtown, the community will provide 304 beds in a mix of studios, one-, two- and four-bedroom apartments with private bedrooms and baths, washer and dryers, river and city views, and upscale furnishings and appointments. The community will also include an integrated parking garage, and a clubhouse with a gaming lounge, coffee bar, study lounge, tanning domes, saunas, and a fitness center with cardio and strength training equipment.
Enrollment has increased at Texas State every year for the previous 18 years. With a 2014-15 enrollment of more than 38,000, it is the largest university in the Texas State University System and the fourth-largest in Texas.
“EdR is excited to partner with both of these respected companies to create unique living accommodations that will complement these dynamic and growing universities,” said Tom Trubiana, EdR president. “These state-of-the-art communities will raise the bar on collegiate living and expand EdR’s footprint across the nation.”