“When your friends begin to flatter you on how young you look, it’s a sure sign you’re getting old.” Mark Twain
College Housing Developer Will Fund Projects from Proceeds In Stock Offering Expected to Raise $239 Million
Student housing developer Education Realty Trust will use proceeds from its recently upsized equity offering to invest in acquisitions and new development projects at Arizona State University, the University of Connecticut, and the University of Louisville.
Education Realty (NYSE: EDR) will acquire a housing community serving Arizona State University in Tempe, AZ, and begin development of a community near the University of Louisville and start a fourth phase of its Storrs Center/The Oaks on the Square development at the University of Connecticut.
The Memphis, TN-based REIT on Tuesday announced it has closed its offering of 24.495 million common shares, including the full exercise by underwriters of their option to purchase up to 3.195 million additional shares, a transaction expected to raise about $239 million after expenses.
Edr will use a portion of the proceeds for the following transactions:
* Purchase of The District on Apache, a 900-bed community serving ASU, for about $92 million, in a deal is expected to close in September. The 100%-occupied community has 279 units in studio and one- to five-bedroom floor plans. The community is 90% pre-leased for the coming academic year, but the company anticipates that to rise to more than 95% when school starts this fall.
* Execution of a joint venture with Landmark Properties Inc. to develop, own and manage The Retreat at Louisville, at the University of Louisville, KY. In July, Landmark will begin construction on the 157 cottages and clubhouse, totaling 656 beds in two- to six-bedroom cottages, and Edr will own 75% and manage the community upon its expected 2015 completion. Education Realty will pay roughly $33.8 million of the $45 million project.
* Education Realty will own and manage the fourth phase of its Storrs Center/The Oaks on the Square development near the University of Connecticut, Mansfield, CT. The $45 million residential development slated for summer 2015 completion will provide 204 studio and one- to three-bedroom apartments, totaling 390 beds. The first three phases total 414 apartments, accommodating 614 aggregate beds, and are 100% pre-leased for the 2014-2015 leasing term. Edr will own and manage the residential portion, The Oaks on The Square, while Storrs Center master developer Leyland Alliance LLC will develop and own the 35,000 square feet of ground-level commercial space.
BofA Merrill Lynch, KeyBanc Capital Markets and RBC Capital Markets are joint book-running managers for the offering. Baird, J.P. Morgan and PNC Capital Markets LLC are senior co-managers and Sandler O’Neill + Partners, L.P. and Piper Jaffray are co-managers.
A little about me and my expertise – video
commercial / investment real estate / Arizona land specialist
https://www.youtube.com/watch?v=PPs3kpKR4nY
I go to great heights to sell or purchase your land
http://walter-unger.com/?p=10118
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
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Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207 or Office:480-948-5554
Thank You
Walter
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Cell: 520-975-5207
Office : 480-948-5554
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View my listings and my profile at:
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a little about me and my expertise – video
commercial-investment real estate adviser-land specialist
https://www.youtube.com/watch?v=PPs3kpKR4nY
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