EdR Completes Purchase of Collegiate Community at Michigan State University

EdR EDR, one of the nation's largest developers, owners and managers of collegiate housing, today announced the purchase of Campus Village — a collegiate housing community serving Michigan State University in East Lansing, MI — for $20.9 million. Campus Village is a 355-bed, 106-unit community located adjacent to the university. Developed in two phases in 2002 and 2004, the community is 97.7% leased for the 2012-2013 academic year with an average monthly lease rate of $639 per bed. The purchase price represents an approximate 6.7% economic cap rate on expected next 12 months' net operating income. This fully-furnished community features one-, two-, three- and four-bedroom apartments with a private bathroom for each bedroom. Amenities include a clubhouse with fitness center, tanning bed, computer lab/business center, game room, volleyball court, and grill/picnic area. The Michigan State campus has a total full-time enrollment of more than 41,500 undergraduate and graduate students. Current on-campus housing consists of approximately 15,000 beds.