An off-campus housing shall rise at Michigan State University in East Lansing, Mich., and Texas State University in San Marcos, Texas, and collegiate housing developer, owner and manager EdR are opening them in the summer of 2017, MHN News reports.
EdR will be partnering with RISE: A Real Estate Company in this joint venture. The Memphis-based developer will oversee the development, construction and will handle the management of the mixed-use community which will be in walking distance to the Michigan State campus. It will be a $90-million development to which EdR will be owning 90 per cent of, also serving as managing partner to handle the leasing and management of the community.
When completed, the development will feature one-, two- and four-bedroom apartments aside from the 4,000-square-feet of retail space. It will also offer common-area amenities such as covered parking, computer center, study room, fitness center and two courtyards with grilling stations, TVs and volleyball court.
"Michigan State is one of the largest universities in the country, with a tremendous off-campus population. And yet [it has] very few purpose-built student housing communities," Scott Barton, vice president of real estate acquisitions and development for EdR, told MHN. "We feel there is pent up demand for well-located, highly amenitized collegiate housing in this market."
A $29.6-million project is also underway with the recent finalization of agreements between EdR and Texas real estate development firm Carson Properties for a housing community a block away from the Texas State University campus. EdR will own 80 per cent of the development, also taking the role of managing partner for construction, residential leasing and management of the community.
To be called The Local Downtown, the project is a 304-bed development featuring studios, one-, two- and four-bedroom apartments. Common-amenities to be available are a parking garage, clubhouse with gaming lounge, coffee bar, study lounge, tanning domes, saunas and fitness center with cardio and strength-training equipment.
Texas State has seen a growing number of enrollments for the past 18 years, and currently standing at 38,000.
"The lack of pedestrian-friendly communities adjacent to Texas State University and the university's growing enrollment are the reasons EdR wanted to be in this market," said Rodney J. King, vice president of real estate development for EdR. "This community's unique benefit is its proximity to one of San Marcos' prized assets, the San Marcos River, while still being within walking distance to the core of campus. If there is a minus, it is the size of the parcel. But because we build to suit each unique market and parcel and do not build 'cookie cutter' communities, we are adept at creating a solution."
In summary, Tom Trubiana, EdR president shares: "EdR is excited to partner with both of these respected companies to create unique living accommodations that will complement these dynamic and growing universities. These state-of-the-art communities will raise the bar on collegiate living and expand EdR's footprint across the nation."
