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(NYSE:EDR), a leader in the ownership, development and management of collegiate housing, announced today that it will develop a $46.1 million collegiate housing community at Duke University in Durham, N.C., through a joint venture with Javelin 19 Investments of Washington, D.C.
EdR, as the 90% owner and managing member of the joint venture, will provide development, construction oversight and management services for the 386-bed community, which is scheduled for a summer 2014 completion. Javelin 19 will be co-developer and 10% owner.
“We are excited to be involved with Javelin 19 in this development,” said Randy Churchey, EdR president and chief executive officer. “Javelin 19 is a forward-thinking development company with a solid reputation and we are confident that, together, we will have other successes and exciting opportunities in the future.”
The community is designed to appeal to graduate students and upperclassmen whose housing needs are not met on the Duke University campus. Graduate students constitute more than half of the total 2012 enrollment of 14,591 students.
The new community will be within walking distance of recently leased university office and research space where graduate students will be employed or studying. The location is also pedestrian to Durham’s downtown entertainment district, the Durham Bulls baseball park and the recently completed city transportation hub. The occupancy rate for apartments in the Durham sub-market is in the high 90s.
“While a graduate student at Duke, I led several consulting projects focused on the nearby West End community,” said Jill Homan, principal at Javelin 19 Investments. “This highly traveled, yet under resourced corridor between Duke and downtown Durham is an incredibly exciting redevelopment opportunity. I’m proud to join with the EdR team and invest in the city to improve and enhance the quality of life and business appeal of Durham.”
The urban-style, mid-rise development will offer studios, one-bedroom and two-bedroom apartments along with upscale amenities — lounge, coffee bar, fitness center, yoga area, cable, Wi-Fi and internet access, outdoor grilling area and swimming pool. An attached garage will provide nearly 400 parking spaces for residents.