EdR Opens Pedestrian to Campus Community at Michigan State University
MEMPHIS, Tenn., Aug. 9, 2017 /PRNewswire/ -- EdR (NYSE: EDR), one of the nation's largest developers, owners and managers of high quality collegiate housing communities, today announced the opening of SkyVue, a new pedestrian-to-campus community serving Michigan State University (MSU) and downtown Lansing, Mich. In 2017, EdR will deliver nearly $300 million in assets to its owned portfolio and nearly $100 million in third-party developments.
"We anticipate with its location pedestrian to both the MSU campus and downtown Lansing, SkyVue will become a popular center that will bridge both communities," said Randy Churchey, EdR's CEO.
The 824-bed wrap-style, mixed-use community, built in a joint venture with RISE: A Real Estate Company, offers floor plans in one-, two- and four-bedroom configurations with more than 4,000 square feet of retail space.
"The grand opening of SkyVue serves not only as a milestone for our companies and our partnership, but more importantly as the mark of a mission accomplished in positively impacting the Lansing community," said Ryan Holmes, CEO of RISE: A Real Estate Company.
EdR owns 90 percent of the development and is responsible for leasing and management of the community. Apartments feature private bedrooms and baths, washers and dryers, furnishings, granite countertops and other upscale appointments. Community amenities include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions, volleyball court and robust internet and Wi-Fi throughout the building.
Michigan State University has an enrollment of more than 50,000 students, offers degree programs in more than 200 academic pursuits and ranks 45th among the nation's public universities, according to U.S. News & World Report.
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 83 communities with more than 44,000 beds serving 52 universities in 25 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.
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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.
SOURCE EdR
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