EdR Completes Purchase of Collegiate Community at Michigan State University

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.