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EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, today announced the purchase of The District on 5
th — a collegiate housing community serving the University of Arizona in Tucson, Az. — for $67 million.
The District on 5
this a 764-bed, 208-unit community located within walking distance of the University of Arizona. This LEED Silver community opened last month and features two-, three- and four-bedroom apartments. Amenities include a pool with beach entry, clubroom, spa, computer lab/business center and an outdoor movie theater.
The community is 99% leased for the 2012-2013 academic year with an average monthly lease rate of $633 per bed. The purchase price represents an approximate 6.3% economic cap rate on expected next 12 months’ net operating income.
“This well-located, high quality asset near a robust university with a growing enrollment fits well with our long-term growth strategy,” said Randy Churchey, EdR’s president and chief executive officer. “The District on 5
th further improves the quality of our portfolio and will bring additional value to our shareholders.”
The University of Arizona’s Tucson campus has a total enrollment of approximately 38,000 undergraduate and graduate students. Current on-campus housing consists of slightly less than 6,800 beds. The Arizona Board of Regents expects enrollment to increase 13,000 by 2020.
EdR (NYSE:EDR) is one of America's largest owners, developers and managers of collegiate housing. A self-administered and self-managed real estate investment trust, EdR owns or manages — with this purchase — 63 communities in 24 states with more than 36,000 beds within nearly 12,000 units. For more information, please visit the company's web site at
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