MEMPHIS, TN.--(BUSINESS WIRE)--Education Realty Trust Inc. (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, and the Edwards Companies today announced the closing of financing and commencement of construction on a $41 million apartment community adjacent to the eastern edge of the University of Alabama campus (middle left photo) in Tuscaloosa.
Scheduled to open in 2012, The Edwards Companies is providing development and design build services for the project, which will be owned jointly by the two companies. Education Realty Trust, as the majority owner and managing member of the joint venture, will manage the community upon completion.
The joint venture secured a conventional construction loan through Regions Bank to fund the project.
Adjacent to the eastern edge of campus near the university’s Schools of Law and Nursing, the community will include 774 beds within 337 units in a variety of studios, one-, two-, three- and four-bedroom apartments. Each apartment will be fully furnished with private bathrooms and bedrooms, a full kitchen and a washer and dryer.
The buildings will be three and five stories with a variety of structured and surface parking. The clubhouse will include a movie theatre, state-of-the-art fitness center, study space, game lounge, computer lab, great room with kitchen and staff offices. The grounds will feature a large swimming pool with outdoor patio complete with grills and picnic area.
“We are excited to break ground in Tuscaloosa and contribute to the re-birth of this campus after the devastating storms earlier this year,” said Randy Churchey (top right photo), president and chief executive officer of Education Realty Trust.
Contacts
Education Realty Trust
Randall H. Brown, 901-259-2500
Executive Vice President, CFO & Treasurer
or
Susan Jennings, 901-259-2506
Public Relations
No comments:
Post a Comment