Business & Finance
Business and Finance
Business and Finance
Wed, April 27, 2011 Education Realty Trust Renews Management Contract at Granville Towers
MEMPHIS, Tenn.--([ BUSINESS WIRE ])--Chapel Hill Foundation Real Estate Holdings, Inc., an entity of The University of North Carolina at Chapel Hill Foundation. Inc., recently renewed its contract with Education Realty Trust Inc. (NYSE:EDR), one of the nationa™s largest developers, owners and managers of collegiate housing, to provide management and residence life services for Granville Towers, a 1,328-bed, 363-unit housing community on the edge of the UNC campus in Chapel Hill.
"Our management services are highly respected by universities and property owners alike"
During this five-year contract, Granville Towers will celebrate its 50th birthday and its management partnership with EDR.
The Real Estate Holdings purchased Granville Towers in 2009 abecause of its long and rich history with the University of North Carolina at Chapel Hill (UNC). With its prime location, it should continue to be a vital part of the universitya™s housing community,a said Gordon Merklein, executive director of real estate and development for UNC. aWith the help of the EDR team, we have been able to realize our commitment to revitalize this property so it can retain its place in the heart of the Town, UNC and its residents.a
aIn the past year we have met with the foundation, staff and residents to plan and accomplish substantial improvements that have infused new life into Granville Towers,a said David Braden, vice president of management services for Education Realty Trusta™s management division a" Allen & Oa™Hara Management Services.
These plans led to a multi-million dollar revitalization project that has so far included a major lobby renovation, flooring upgrades throughout the buildings, improved or added amenities and a review of every service contract as well as each segment of the residence life program.
During this process, the EDR team also upgraded the residentsa™ internet technology to best accommodate their study and entertainment needs.
aThis review gave us an opportunity to evaluate resident needs, our vendors and our contracts,a said Scott Casey, vice president of information technology at Education Realty Trust. aWe were able to make many upgrades and improve contract terms. For example, we increased bandwidth, added new features and also significantly decreased our IT expenses.a
With all these improvements, Granville Towers is experiencing a resurgence and new popularity. Leasing has increased at a faster pace. Four hundred more people have signed up for fall 2011 leases over this same time last year.
aWe love the anewa™ Granville Towers,a said Kelly Stasko, community manager at Granville Towers. aBut the best part is the new attitude and vibrancy the team has and feels every day. Ita™s fun to come to work at Granville Towers.a
The story of Granville Towers is one of a true pioneer in collegiate housing. It is believed to be the first purpose-built, privatized collegiate housing in the United States. In 1966, Granville Towers opened its own dining hall and Coach Dean Smith chose to house the basketball team in one of its wings. In 1969, it went co-ed. In the 1970s the apartments were so popular that a lottery system was adopted to handle applications fairly. A major renovation in the 1980s modernized the buildings by adding moveable furniture to all rooms as well as upgrades to the common areas and introducing a adine anytimea concept.
Famous alumni of Granville Towers include Rick Dees (radio personality), Bill Leslie (television journalist), Carl Fox (Superior Court Judge), Michael Jordan and many other famous basketball players from the celebrated UNC teams of the past.
aKeeping a customer satisfied for nearly 50 years is nearly unheard of in todaya™s business climate,a added Braden. aGranville Towers has a rich history and has seen a lot of changes recently and through the years. But wea™re happy that our relationship isna™t one of those changes, and that we will soon celebrate our 50th year managing Granville Towers.a
Additional Management Contracts
EDR also recently signed two new and nine renewal contracts to manage collegiate communities on or near campuses across the country.
aOur management services are highly respected by universities and property owners alike,a said Randy Churchey, president and chief executive officer of Education Realty Trust. aWith this teama™s successful programs and communities, we will continue to grow this segment of our business.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 these new or extended management contracts -- owns or manages 57 communities in 23 states with nearly 35,000 beds within more than 10,500 units. For more information please visit the company's web site at [ www.educationrealty.com ].
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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.
