EdR Acquires Three Student Housing Communities
- Sep 13, 2016
Memphis, Tenn.—EdR has closed on the previously announced acquisitions of two student housing communities at Colorado State University in addition to another at the University of Arizona, adding a total of 505 beds to its growing portfolio.
“All three properties are relatively new construction and are within walking distance of their respective campuses,” Scott Barton, EdR’s vice president of acquisitions and development, told MHN. “Those are two of the most important criteria in our acquisition strategy.”
The two Colorado properties are Pura Vida and Carriage House, which combined offer 194 beds. Both are new communities and adjacent to the Colorado State campus. EdR has the opportunity to develop additional beds in both.
Amenities at each community include a 24-hour computer lab, indoor bike storage, full-sized washer and dryer in the units and safety features that include cameras and electronic locks. Both Pura Vida and Carriage House cater to juniors and seniors who are seeking more privacy.
CSU’s 2015 enrollment was 32,236 and has been rising steadily over the past four years, including a record number of incoming freshmen this academic year. The university was recently recognized by Forbes Magazine on its list of “America’s Most Entrepreneurial Universities.”
The Arizona property, The Urbane in Tucson, Ariz., is a 311-bed community, which opened last month near the University of Arizona. It is one of the most amenitized communities in the entire EdR portfolio, with a large rooftop deck with pool, cabanas and an oversized hot tub; indoor and outdoor lounges; study areas and bed-bath parity with tiered amenity options in floor plans ranging from studios to five bedrooms.
The University of Arizona has an enrollment of more than 40,000 students, which has been growing steadily over the course of the last decade. It is classified as a Carnegie Foundation high research activity university and is a leader in space exploration research with its Lunar and Planetary Laboratory, which contributes to numerous NASA missions.
“Both the University of Arizona and Colorado State University are experiencing strong enrollment growth and the demand for appealing student housing options is growing right along with it,” Barton said. “These communities are located within walking distance of campus, are recent construction, and are highly amenitized.”
Image courtesy of EdR