EdR Creates Joint Venture to Develop and Own New Off-Campus Collegiate Housing Community at the University of Minnesota
Forms Joint Venture With GEM Realty Capital and Schenk Realty Group
MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: EDR) , one of the nation's largest developers, owners and managers of collegiate housing, has executed agreements with GEM Realty Capital and Schenk Realty Group to jointly develop and own new off- campus collegiate housing at the University of Minnesota in Minneapolis.
EdR will be a 50% owner and will manage the community on behalf of the joint venture.
"The opportunity to add another strategically well-located collegiate housing community at a school such as the prestigious and vibrant University of Minnesota in conjunction with two highly regarded partners is exciting," said Randy Churchey, president and chief executive officer of EdR. "Both of these companies have a long history of success in our industry and we anticipate that this partnership will lead to more opportunities to create value for our shareholders."
"This in-fill development at the University of Minnesota capitalizes on each of the partners' respective strengths," said Jared Schenk, president of Schenk Realty Group. "We hope that this project will provide a model to pursue additional well-located opportunities throughout the country."
Construction has begun on an $88 million collegiate housing development in the Dinkytown neighborhood two blocks from the University of Minnesota's main — or Twin Cities — campus in Minneapolis.
Scheduled for completion in summer 2014, this community will offer 901 beds in a variety of 308 furnished studios, one-, two-, three- and four-bedroom units each with private bedrooms and baths. Amenities will include indoor swimming pool and basketball court, fitness center, bicycle storage and wash area, outdoor deck and grilling area, Zen gardens and an outdoor plaza. The building will also contain 25,000 square feet of retail space.
Enrollment at the University of Minnesota has increased nearly 16% since 2000. Fall 2012 enrollment was up to nearly 52,000 at the Twin Cities campus with more than 30,000 under-graduate students.
EdR (NYS: 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 67 communities in 24 states with more than 37,000 beds within more than 12,000 units. For more information, please visit the company's web site at www.EdRtrust.com.
About Schenk Realty Group
Since 1998 Schenk Realty Group has acquired, developed or re-developed more than 8,500 student-occupied units containing over 18,500 beds in university markets across the country.
About GEM Realty Capital, Inc.
Founded in 1994, GEM Realty Capital, Inc. is a real estate investment company located in Chicago that utilizes its extensive expertise to invest in private-market real estate assets and publicly traded real estate securities through two lines of business, GEM Realty Properties and GEM Realty Securities.
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Randall H. Brown, Executive Vice President and Chief Financial Officer
Susan Jennings, Vice President, Corporate Communications and Marketing
KEYWORDS: United States North America Minnesota Tennessee
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