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Education Realty to acquire $284M of collegiate housing communities

Education RealtyTrust Inc. signed binding agreements during the first quarter to buyseveral collegiate housing communities for approximately $284.0 million.

The company expects to close on most of the five assets, comprisingthe Hub at Madison near the University of Wisconsin; the Hub at Tucson near theUniversity of Arizona; and the Lokal,Pura Vida and Carriage House near Colorado State University, by the end of the thirdquarter. The properties will be acquired at unleveraged economic andnominal cap rates of 5.3% and 5.4%, respectively.

The company also signed a right-of-first-offer agreement withthe sellers of the Hub properties for an additional 850-bed student housing communitynear the University of Wisconsin.

At Northern Michigan University, Education Realty will builda 1,200-bed on-campus replacement housing property under its ONE Plan initiativefor roughly $75 million.

Subsequent to quarter-end, the company broke ground on a $47.2million housing community near Oklahoma State University.

In terms of asset dispositions, the company sold the 384-bed605 West housing community near Duke University in North Carolina for $52.4 millionof net proceeds. Education Realty expects to record approximately $95 million oftotal proceeds from dispositions for 2016, following the sale of the 605 West propertyin the first quarter and two other assets under contract for sale in the secondquarter.