EdR Adding 92 Apartments Adjacent to the University of Connecticut
EdR Adding 92 Apartments Adjacent to the University of Connecticut
— Third Phase
MEMPHIS, Tenn.--(BUSINESS WIRE)-- EdR (NYS: EDR) , a leader in the ownership, development and management of collegiate housing, announced today that it will develop a third phase at The Oaks on The Square adjacent to the University of Connecticut (UConn).
EdR will own and manage this addition (Phase 1C) when completed in summer 2014. With an estimated $12.8 million development cost, Phase 1C will be adjacent to the first two phases (1A and 1B) and will complete the town square.
The exterior of this new phase will complement the award-winning, old town New England style of the first two phases while the interiors will boast modern amenities including high-speed internet, Wi-fi access, granite countertops and stainless-steel appliances, among others. Some apartments will also feature dining rooms and home office areas.
Unit mix and floor plans were determined based on the successful leasing history of the 322 apartments (503 beds) in Phase 1A and 1B, which are 100% leased. With the additional 92 apartments (116 beds) in Phase 1C, the complex will provide a total of 414 apartments (619 beds).
These first phases are attracting UConn faculty and staff, upper-level and graduate students along with townspeople looking for convenient apartment living. Approximately 8,000 graduate students and 18,000 undergraduate students are enrolled at UConn's main campus.
"The first two phases of this development produced a winning situation for all of the development's stakeholders, which includes the University of Connecticut, the town of Mansfield and its citizens," said Randy Churchey, EdR president and chief executive officer. "By working together we have created a new town square filled with retail and upscale residential living in a vibrant, walkable community adjacent to a prestigious and growing university."
Since its completion in summer 2012, Phase 1A has received numerous awards including: Excellence in Construction and the Spirit Award for large participation by local subcontractors from the Associated Builders and Contractors of Connecticut; People's Choice Award and the Blue Ribbon Award for most significant project in the state of Connecticut from the Connecticut State Chapter of Career Women in Real Estate (CREW); and Multi-Family Project of the Year from the New England Chapter of the Construction Management Association of America.
About EdR
EdR (NYS: EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 67 communities in 24 states with more than 37,000 beds. For more information please visit the company's Web site at www.EdRtrust.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements about the company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the dates on which they are made, and the company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise.
EdR
Randall H. Brown, 901-259-2500
Executive Vice President, CFO & Treasurer
rbrown@EdRtrust.com
or
Susan Jennings, 901-259-2506
Vice President, Corporate Communications and Marketing
sjennings@EdRtrust.com
KEYWORDS: United States North America Connecticut Tennessee
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