MEMPHIS, Tenn., June 29, 2016 /PRNewswire/ -- EdR (NYSE:
EDR), one of the nation's largest developers, owners and managers
of high-quality collegiate housing communities, announced the
recent commencement of construction on a collegiate housing
community adjacent to Oklahoma State
University in Stillwater, Okla.
As previously announced, this community is a joint venture with
Laureate Campus Living. As majority owner, EdR will manage the
community, named Avid Square, on behalf of the joint venture.
"The opportunity to add a collegiate community to our portfolio
that is in the heart of a growing Oklahoma
State University excites us," said Randy Churchey, chief executive officer at EdR.
"The community's location — within walking distance of both campus
and Stillwater's entertainment
district — and other characteristics fit our criteria and make it
an ideal place for EdR to invest."
The $47 million development is
adjacent to the south side of campus and next to the new McKnight
Center for the Performing Arts, also currently under
construction.
Scheduled for completion in summer 2017, this community will
offer 475 beds in a mix of studio, one-, two- and four-bedroom
floor plans. The community will feature a pool, courtyard with
grilling area, fitness center along with robust internet and Wi-Fi
throughout the community. Retail space on the ground floor
will add comfort and convenience for the residents of Avid Square
and other area students and residents.
Oklahoma State University boasts
25,854 students and is renowned for its programs in agricultural
sciences and in engineering. It is a Sun Grant Research Initiative
university, meaning it is a leader in the research and development
of sustainable and environmentally friendly energy
alternatives.
About EdR
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 81 communities with more than 42,000 beds
serving 52 universities in 24 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.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements about the company's business
that are not historical facts are "forward-looking statements."
Forward-looking statements are based on current expectations. You
should not rely on our forward-looking statements because the
matters they describe are subject to known and unknown risks and
uncertainties that could cause the company's future results,
performance, or achievements to differ significantly from the
results, performance, or achievements expressed or implied by such
statements. Such risks are set forth under the captions "Item 1A.
Risk Factors" and "Forward-Looking Statements" in our annual report
on Form 10-K and under the caption "Item 2. Management's Discussion
and Analysis of Financial Condition and Results of Operations" (or
similar captions) in our quarterly reports on Form 10-Q, and as
described in our other filings with the Securities and Exchange
Commission. Forward-looking statements speak only as of the dates
on which they are made, and the company undertakes no obligation to
update publicly or revise any guidance or other forward-looking
statement, whether as a result of new information, future
developments, or otherwise, unless required by law.
For more information, contact:
J. Drew Koester, Senior Vice
President, Capital Markets and Investor Relations
901-259-2523 dkoester@EdRtrust.com
For media information or photography, contact:
Susan Jennings, Vice President,
Corporate Communication and Marketing
901-259-2506 sjennings@EdRtrust.com
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SOURCE EdR