MEMPHIS, Tenn.--(BUSINESS WIRE)--EdR (NYSE:EDR), a leader in the development, ownership and management of high-quality collegiate housing, today announced the completion of its purchase of The District on Apache — a collegiate housing community serving Arizona State University (ASU) in Tempe, Az. — for $89.8 million.
Opened in 2013, The District on Apache is a 900-bed community a half-block from the ASU Tempe campus. It is 100% leased for the coming academic year.
The District on Apache provides a variety of studio, one-, two-, three-, four- and five-bedroom floor plans along with a 770-space parking garage. Each apartment contains private bathrooms, granite countertops, stainless steel appliances, washer and dryer, flat screen television and custom furniture. Amenities include a lazy river pool with giant outdoor video screens, clubroom, virtual golf course, two-story fitness center, and computer lab/business center.
In 2013 Arizona State University had a total full-time enrollment of nearly 62,000 undergraduate and graduate students. Current on-campus housing consists of slightly more than 12,300 beds.
EdR (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 owns or manages — with this purchase — 77 communities with nearly 42,000 beds serving 57 universities in 23 states. For details, please visit the company's Web site at www.EdRtrust.com.
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