EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, has executed agreements with Concord Eastridge to develop, own and manage a $52 million mixed-use collegiate housing community adjacent to the Phoenix Biomedical Campus, which includes the University of Arizona School of Medicine, and three blocks from the Arizona State University downtown campus in Phoenix, Az.
EdR will be the majority owner and will manage the community upon its summer 2013 completion. Concord Eastridge is developing and constructing the housing, which will be owned jointly by the two companies. Construction is expected to commence next week.
The urban-design, mid-rise development will include 609 beds within 326 units in a variety of studios, one-, two-, three- and four-bedroom apartments. Each will include private bathrooms and bedrooms, a full kitchen and a washer and dryer and most apartments will be fully furnished. Amenities will include two clubhouses, tanning and fitness facilities, WiFi and Internet access, swimming pools, study lounges, computer labs and a five-story parking garage with more than 400 spaces. One of the residential buildings will offer 7,500 square feet of retail space at the street level.
“The City of Phoenix and the universities are making a strong investment in an aggressive plan to create a downtown campus,” said Tom Trubiana, chief investment officer and executive vice president of EdR. “We are excited to get in on the ground floor of this burgeoning downtown revitalization with our partner Concord Eastridge who has a solid reputation in our industry for developing successful projects.”
The Arizona State University (ASU) downtown campus includes the Walter Cronkite School of Journalism and Mass Communication and the College of Nursing & Healthcare Innovation. The new multimillion-dollar ASU downtown student recreation center is scheduled to open in May, 2013, and the ASU Sandra Day O’Connor College of Law is also planning to move to the downtown campus.