EdR (NYSE:EDR), one of the nation’s largest developers, owners and managers of collegiate housing, has executed agreements with GEM Realty Capital and Schenk Realty Group to jointly develop and own new off- campus collegiate housing at the University of Minnesota in Minneapolis.
EdR will be a 50% owner and will manage the community on behalf of the joint venture.
“The opportunity to add another strategically well-located collegiate housing community at a school such as the prestigious and vibrant University of Minnesota in conjunction with two highly regarded partners is exciting,” said Randy Churchey, president and chief executive officer of EdR. “Both of these companies have a long history of success in our industry and we anticipate that this partnership will lead to more opportunities to create value for our shareholders.”
“This in-fill development at the University of Minnesota capitalizes on each of the partners’ respective strengths,” said Jared Schenk, president of Schenk Realty Group. “We hope that this project will provide a model to pursue additional well-located opportunities throughout the country.”
Construction has begun on an $88 million collegiate housing development in the Dinkytown neighborhood two blocks from the University of Minnesota’s main — or Twin Cities — campus in Minneapolis.
Scheduled for completion in summer 2014, this community will offer 901 beds in a variety of 308 furnished studios, one-, two-, three- and four-bedroom units each with private bedrooms and baths. Amenities will include indoor swimming pool and basketball court, fitness center, bicycle storage and wash area, outdoor deck and grilling area, Zen gardens and an outdoor plaza. The building will also contain 25,000 square feet of retail space.
Enrollment at the University of Minnesota has increased nearly 16% since 2000. Fall 2012 enrollment was up to nearly 52,000 at the Twin Cities campus with more than 30,000 under-graduate students.