Education Realty Trust to Break Ground on Student Housing Adjacent to CU-Boulder
- Nov 11, 2011
Education Realty Trust Inc., one of America’s largest owners, developers and managers of collegiate housing, announced the closing of three deals including two acquisitions and one collegiate housing development, according to the Memphis Business Journal. EDR now owns or manages 60 communities in 23 states with nearly 34,500 beds in nearly 11,000 units, according to company statements.
The transactions include the company’s acquisition of a leasehold interest in GrandMarc at Westberry Place, a collegiate housing community consisting of 644 beds within 244 units serving Texas Christian University (TCU) in Fort Worth, Texas for $54.7 million. The company also purchased the 127-unit Irish Row, a purpose-built collegiate community near the University of Notre Dame in South Bend, Ind. for $27.5 million; in addition, EDR plans to buy The Lotus Center, a collegiate housing community adjacent to the University of Colorado Boulder (CU-Boulder) for $6 million. The project calls for an additional investment of $19.7 million for the property’s redevelopment, to include construction of adjacent housing allowing 199 beds within one-, two-, three-, and four-bedroom apartments.
In other news, Trinity Ridge Business Center recently sold for $7.25 million at an auction through auction.com. Dalfen America Corp., the U.S. arm of Montreal-based Dalfen Ltd., a private equity real estate firm, bought the property out of foreclosure. The Canadian company was represented in the deal by Johnny Lamberson, executive vice president at CB Richard Ellis Memphis, as reported by the Memphis Business Journal.
Trinity Ridge Business Center is an eight-building, 234,312-square-foot industrial flex portfolio located at 7730-7866 Trinity Road in Cordova.
“We continue to see areas of opportunity in the current real estate market, and we believe this transaction offers a unique opportunity for Dalfen America Corp. to add value and generate superior returns for our investors,” said Sean Dalfen, Dalfen America Corp.’s executive managing director, in a press release.
The property had been purchased in 2007 for $22.9 million, 68 percent more than the recent acquisition price, by DBSI Inc., a privately held real estate firm based in Boise, Idaho.