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VOL. 126 | NO. 37 | Wednesday, February 23, 2011

Education Realty Trust Announces Three Projects

The Daily News

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Memphis-based Education Realty Trust, one of the nation’s largest developers, owners and managers of college housing, has announced three projects across the U.S.

First, ERT executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas at Austin campus. Construction is expected to begin this summer for a summer 2013 opening.

The company also has been selected by Syracuse University to develop, own and manage new collegiate housing on its campus. ERT is currently working to receive the necessary local government approvals. The company anticipates breaking ground this summer for a summer 2012 completion.

Most recently, ERT reported it has executed agreements with the Edwards Cos. to develop, own and manage new collegiate housing at the University of Alabama in Tuscaloosa. That project will include 337 units with 774 beds in studios and one-, two-, three- and four-bedroom apartments. The Edwards Cos. is developing and constructing the housing, which will be owned jointly by the two companies. Education Realty Trust is the majority owner and managing member of the joint venture and will manage the community.

ERT, whose offices are at 530 Oak Court Drive, suite 300, is slated to release its fourth quarter 2010 financial results after the market closes Thursday.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 114 332 10,554
MORTGAGES 119 412 13,739
FORECLOSURE NOTICES 12 80 2,724
BUILDING PERMITS 522 915 25,222
BANKRUPTCIES 80 264 10,156
BUSINESS LICENSES 16 78 3,814
UTILITY CONNECTIONS 92 430 14,987
MARRIAGE LICENSES 15 83 3,250

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