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Education Realty plans $150M student housing project in Sacramento, Calif.

Education Realty Trust Inc. will redevelop an 11-acre baseball complex southeast of the California State University Sacramento campus to accommodate up to 1,100 student beds in a $150 million project, the Sacramento Business Journal reported.

University Enterprises Inc., the university's nonprofit commercial arm, is acquiring the Dan McAuliffe Memorial Ballparks complex from the city in a 10-year lease-purchase deal, the publication noted.

The project would comprise four to five buildings rising four stories, with up to 550 parking spaces. Construction is expected to start in summer 2019 following approval from the university's board of trustees, and completion is slated for fall 2021.

The developer is also expected to finance and manage the project, as well as replicate the baseball complex on city-owned land at Army Depot Park before commencing the development, the report added.