JV pays $45m to purchase college community.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn: Education Realty Trust, inc. announced it has completed the previously announced $45 million, joint-venture purchase of University Village Towers, a 525-bed off-campus collegiate community near the University of California, Riverside The University of California, Riverside, commonly known as UCR or UC Riverside, is a public research university and one of ten campuses of the University of California system. . The purchase is structured in a joint venture with Walton Street Walton Street is a street in central Oxford, England, located in the heart of the area known as Jericho. The street runs north from the western end of Beaumont Street where the main entrance of Worcester College is located. Capital, L.L.C., a private real estate investment firm based in Chicago. EDR (Enhanced Data Rate) An acronym occasionally used to reflect an advancement in transmission or transfer speed. For example, Bluetooth 2.0 + EDR provides a dramatic increase in speed over the previous version. See Bluetooth. owns a minority interest in the joint venture with Walton Street Capital. EDR manages operations of University Village Towers through its property management subsidiary, Allen & O'Hara Education Services, Inc. The one-year-old community is located approximately one-half mile from the University of California, Riverside (UCR (Under Color Removal) A method for reducing the amount of printing ink used. It substitutes black for gray color (equal amounts of cyan, magenta and yellow). Thus black ink is used instead of the three CMY inks. See GCR and dot gain. ) campus, one of the few in the UC system with growth capacity. California leads the nation in the total number of high school graduates annually and enrollment at UCR is expected to rise from nearly 17,000 students to 21,000 by 2010 and 25,000 by 2015. "We are pleased with the purchase of such an attractive property in a very desirable market in partnership with such a sophisticated group of hands-on real estate investors. We expect the university, our community and our joint venture will perform very well over time," said EDR executive vice president and chief investment officer Craig Cardwell. Education Realty Trust, Inc. is a real estate investment trust that owns, manages and develops high-quality collegiate student housing. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion