This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

EdR Announces Option-to-Purchase Agreement With Landmark Properties For New Off-Campus Cottage Community At Penn State

Stocks in this article: EDR

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,640.94 -31.66 -0.18%
S&P 500 2,053.40 +1.58 0.08%
NASDAQ 4,763.4230 +5.5440 0.12%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs