EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced a $3 million mezzanine investment and an option-to-purchase agreement with Landmark Properties for The Retreat at State College, a 587-bed, cottage-style community to be built 1.2 miles from The Pennsylvania State University (Penn State) campus.
“This option agreement is consistent with our strategy to acquire high-quality assets close to top-tier universities with growing enrollments,” said Randy Churchey, president and chief executive officer of EdR. “We are excited to work on our second cottage community with Landmark.”
The Retreat at State College gives Landmark more than 4,000 beds currently under construction and represents Landmark’s second 2013 delivery with EdR. Landmark, in a joint venture with Harrison Street Real Estate Capital, will be providing all the equity for the project.
“We’ve been working on entitling this site for two years now,” said Wes Rogers, president and chief executive officer of Landmark Properties. “It will be impossible to replicate what we’re building here.”
Scheduled for a summer 2013 opening, The Retreat at State College will offer 138 two-, three-, four- and five-bedroom cottages on 24 acres on the bus transit route for the Penn State campus. Each cottage will feature a private bathroom for each bedroom, large closets, a full-size washer and dryer, 9-foot ceilings, carpet, ceramic tile, hardwood-style vinyl floors and high-speed internet/cable. All appliances are included in the spacious gourmet kitchens.
The outdoor living area will include a resort-style pool with raised hot tub, large green space, sand volleyball court, bocce ball courts and an outdoor fire pit and grilling area. A jogging path will encircle the property. The clubhouse will offer indoor basketball and racquetball courts, golf simulator, fitness center, group-study rooms, computer lab, game room, video gaming pods, a fully equipped community kitchen and a spa suite complete with sauna, tanning bed and domes, massage room and a manicure/pedicure station.