MEMPHIS, Tenn., Jan. 24, 2017 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high-quality collegiate housing communities, today announced it has started construction on a community adjacent to Arizona State University in Tempe in a joint agreement with Opus Development Company, L.L.C.
Strategically located on the north edge of the ASU main campus, the project is only one block to Mill Avenue, the downtown entertainment and retail district, and two blocks to the light rail transit. The development will feature 407 residential units ranging in size from 414 square feet to over 1,300 square feet. EdR will be 90 percent owner of the $164.9 million development and manage the community upon completion in Summer, 2018.
"This development will strengthen our position in Tempe, one of the most robust communities in Arizona, and home to one of the largest universities in the country," said EdR chief executive officer Randy Churchey. "Demand for highly amenitized communities is on the rise in Tempe, and with our partner, Opus, EdR expects this to be one of the top communities in the market."
The community will feature amenities such as 24-hour fitness center, yoga studio, grilling area, a dog park, club rooms, a bike storage / work room, terrace deck cabanas, state-of-the-art technology / wi-fi throughout the buildings, and 31,000 square feet of retail space.
"We're thrilled that this vibrant, edge-of-campus rental community is under way," said Larry Pobuda, senior vice president, general manager, Opus Development Company, L.L.C. "We designed a mixed-use project unique to the area that allows for an active, centrally located community within walking distance to all that Tempe has to offer."
EdR owns and manages two additional communities in Tempe and Phoenix.
EdR (NYSE: 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 87 communities with more than 45,500 beds serving 54 universities in 25 states. EdR is a member of the Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley REIT indices. For details, please visit the company's Web site at www.EdRtrust.com.
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