Memphis, Tenn.—Collegiate housing developer, owner and manager EdR has announced joint-venture developments of off-campus housing at Michigan State University in East Lansing, Mich., and Texas State University in San Marcos, Texas. Both properties are scheduled to open in the summer of 2017.
In a joint venture with RISE: A Real Estate Company, Memphis-based EdR will develop, construct and manage a mixed-use community within walking distance of the Michigan State campus. EdR will own 90 percent of the $90 million development, will serve as managing partner and will handle leasing and management of the community.
Work is underway on the 824-bed, wrap-style development featuring one-, two- and four-bedroom apartments and more than 4,000 square feet of retail space. Common-area amenities will include covered parking, computer center, study room, fitness center and two courtyards with grilling stations, TVs and volleyball court.
“Michigan State is one of the largest universities in the country, with a tremendous off-campus population. And yet [it has] very few purpose-built student housing communities,” Scott Barton, vice president of real estate acquisitions and development for EdR, told MHN. “We feel there is pent up demand for well-located, highly amenitized collegiate housing in this market.”
EdR also recently finalized development agreements with central Texas real estate development firm Carson Properties to develop a $29.6 million, purpose-built student housing community one block from the Texas State University campus. EdR will own 80 percent of the development, will serve as managing partner and handle construction management, residential leasing and management of the community.
The 304-bed development, called The Local Downtown, will feature studios, one-, two- and four-bedroom apartments. Among its amenities will be a parking garage, clubhouse with gaming lounge, coffee bar, study lounge, tanning domes, saunas and fitness center with cardio and strength-training equipment.
Enrollment, standing at 38,000, has grown at Texas State for 18 consecutive years.
“The lack of pedestrian-friendly communities adjacent to Texas State University and the university’s growing enrollment are the reasons EdR wanted to be in this market,” said Rodney J. King, vice president of real estate development for EdR. “This community’s unique benefit is its proximity to one of San Marcos’ prized assets, the San Marcos River, while still being within walking distance to the core of campus. If there is a minus, it is the size of the parcel. But because we build to suit each unique market and parcel and do not build ‘cookie cutter’ communities, we are adept at creating a solution.”
EdR president Tom Trubiana summarized: “EdR is excited to partner with both of these respected companies to create unique living accommodations that will complement these dynamic and growing universities. These state-of-the-art communities will raise the bar on collegiate living and expand EdR’s footprint across the nation.”