“When your friends begin to flatter you on how young you look, it’s a sure sign you’re getting old.” Mark Twain
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
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.
View my listings and my profile at:
Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily
Check out my professional profile and connect with me on LinkedIn.
Follow me on Facebook:
Follow me on Twitter:
Follow Me on Google+
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 firstname.lastname@example.org or call me on my cell 520-975-5207 or Office:480-948-5554
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Office : 480-948-5554
View my listings and my profile at:
a little about me and my expertise – video
Delivering the New Standard of Excellence in Commercial Real Estate
- Commercial Real Estate Scottsdale
- Commercial Real Estate Phoenix
- Commercial Real Estate Arizona
- Commercial Investment Properties Phoenix
- Commercial Investment Properties Scottsdale
- Commercial Investment Properties Arizona
- Land Specialist Arizona
- Arizona Land Specialist
- Land Specialist Phoenix
- Phoenix Land Specialist
- Land For Sale Phoenix
- Land for sale Arizona
- Commercial Properties For Sale Phoenix
- Commercial Real Estate Sales Phoenix
- Commercial Properties Phoenix
- Commercial Properties Arizona
- Commercial Land Specialist Phoenix
- Commercial Land Phoenix
- Multifamily land Phoenix
- Retail Land Phoenix
- Industrial Land Phoenix
- Land Commercial Phoenix
- Land Retail Phoenix
- Land Industrial Phoenix
- Land Multifamily Phoenix
- Industrial Land for sale Phoenix
- Land Industrial
- Investment Real Estate
Disclaimer of Liability
The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.