Education Realty Trust Inc. – a Memphis-based developer, owner and manager of collegiate housing – has closed financing and commenced construction of a $41 million apartment community adjacent to the eastern edge of the University of Alabama campus in Tuscaloosa, Ala.

The project is a joint venture between Education Realty Trust and the Edward Cos., a privately held, family-owned corporation that acts as a holding company for numerous operating companies engaged in the businesses of student housing development and construction, multifamily and single-family residential development and construction, and land development.

Scheduled to open in 2012, Columbus, Ohio-based Edwards Cos. is providing development and design build services for the project, which will be owned jointly by the two companies. Education Realty Trust, as the majority owner and managing member of the joint venture, will manage the community upon completion.

The joint venture secured a conventional construction loan through Regions Bank to fund the project.

Adjacent to the eastern edge of campus near the university’s schools of law and nursing, the community will include 774 beds within 337 units in a variety of studios, one-, two-, three- and four-bedroom apartments. Each apartment will be fully furnished with private bathrooms and bedrooms, a full kitchen and a washer and dryer.

The buildings will be three and five stories with a variety of structured and surface parking. The clubhouse will include a movie theater, fitness center, study space, game lounge, computer lab, kitchen and staff offices. The grounds will feature a large swimming pool with outdoor patio complete with grills and picnic area.

“We are excited to break ground in Tuscaloosa and contribute to the rebirth of this campus after the devastating storms earlier this year,” Education Realty Trust president and CEO Randy Churchey said in a statement.

EDR is a self-administered and self-managed real estate investment trust that owns or manages 56 communities in 23 states with more than 33,000 beds in nearly 10,500 units.