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Education Realty Trust Purchases Two Housing Communities Adjacent to the University of Virginia

^{Published on 2011-03-15 13:11:14 - Market Wire}
 

MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Education Realty Trust Inc. (NYSE: EDR), one of the nationa™s largest developers, owners and managers of collegiate housing, today completed the purchase of two collegiate housing communities adjacent to the University of Virginia (UVA). The apartment communities were purchased from Wade Apartments, one of the largest student housing owners in Charlottesville.

"Wade Apartments is pleased to have concluded the sale of Wertland Square and Jefferson Commons to EDR in a transaction of merit to both parties"

aWe are pleased to be further investing at a dynamic university such as UVA. These properties have formidable barriers to entry which should yield long-term value for our shareholders,a said Randy Churchey, president and chief executive officer of Education Realty Trust. aWe hope to collaborate with Wade Apartments on other opportunities, including possible future development projects."

Both communities a" Wertland Square and Jefferson Commons a" are currently 100 percent occupied and 100 percent pre-leased for the 2011/2012 academic year and were purchased for an aggregate price of $23 million.

Located next to aThe Cornera and a quick walk from the university Grounds, Wertland Square is a 50 - unit, mid-rise apartment complex with two- and four-bedroom unfurnished apartments. Wertland Square opened in 2006 and contains 152 beds which have an average monthly rental rate of approximately $708 per bed.

Jefferson Commons is also within walking distance of UVA. It is at the corner of Jefferson Park Avenue and Valley Road near the South Lawn of the UVA Grounds. Opened in 2007, this 82-bed complex is made up of 22 unfurnished apartments. The average monthly rental rate per bed is approximately $578 per bed.

aThese two communities complement our recent purchase of another UVA community a" GrandMarc at The Corner,a said Christine Richards, EDR senior vice president of property operations. aWe now own a significant number of apartments at differing price points in a variety of locations around the University of Virginia and can offer residents a variety of accommodations and rental situations to best meet their needs.a

The two companies are also working to possibly develop a parcel of land owned by Wade Apartments located on Brandon Avenue adjacent to the South Lawn area of the UVA Grounds. This potential new development could yield more than 300 beds of collegiate housing.

aWade Apartments is pleased to have concluded the sale of Wertland Square and Jefferson Commons to EDR in a transaction of merit to both parties,a said Wade Tremblay, general manger of Wade Apartments. aWade Apartments has been a force in student housing in the UVA market since 1926 and retains a deep commitment to UVA as evidenced by our significant residual portfolio of student apartments. We are actively considering further development opportunities on our existing property holdings and are particularly excited by the opportunity to partner with EDR in a future transaction.a

About Education Realty Trust

Education Realty Trust Inc. (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 a" with this purchase a"owns or manages 56 communities in 23 states with nearly 34,000 beds within more than 10,500 units. For more information please visit the company's web site at [ www.educationrealty.com ].

About Wade Apartments

Founded in 1926 by aCMa Wade, Wade Apartments owns and operates more than 300 apartments with approximately 730 bedrooms located in close proximity to the University of Virginia grounds. Wade Apartments is committed to providing personal, attentive and responsive service to its residents.

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