Real Estate & Construction  September 12, 2016

EdR closes on pair of Fort Collins student-housing complexes

FORT COLLINS — Memphis, Tenn.-based Education Realty Trust (NYSE: EDR) on Monday said it has closed on the acquisition of two student-housing apartment complexes near Colorado State University in Fort Collins.

The real estate investment trust acquired Pura Vida Place at 518 W. Laurel St. and Carriage House Apartments at 1171 Springfield Drive from Chuck Bailey of Catamount Properties Ltd. in Hygiene, whose company built both of the complexes. Combined, they have 194 beds. They are adjacent to the CSU campus, and the buyer, which goes by the tradename EdR, said it has the opportunity to develop additional beds.

EdR paid $12 million for the 100-bed Pura Vida, which was built in 2012, and $12 million for 94-bed Carriage House built in 2015, according to public records.

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The amenities at each community include a 24-hour computer lab, indoor bike storage, full-sized washer and dryer in the units and safety features that include cameras and electronic locks.

“These communities fit the EdR portfolio perfectly,” said Randy Churchey, EdR’s chief executive. “They appeal to students with a combination of location, amenities and technology that are unmatched in this desirable college community that is experiencing tremendous growth.”

EdR owns or manages 86 communities with more than 44,000 beds serving 53 universities in 24 states.

FORT COLLINS — Memphis, Tenn.-based Education Realty Trust (NYSE: EDR) on Monday said it has closed on the acquisition of two student-housing apartment complexes near Colorado State University in Fort Collins.

The real estate investment trust acquired Pura Vida Place at 518 W. Laurel St. and Carriage House Apartments at 1171 Springfield Drive from Chuck Bailey of Catamount Properties Ltd. in Hygiene, whose company built both of the complexes. Combined, they have 194 beds. They are adjacent to the CSU campus, and the buyer, which goes by the tradename EdR, said it has the opportunity to develop additional beds.

EdR paid $12 million…

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