{"id":1004103965,"date":"2014-09-18T10:53:36","date_gmt":"2014-09-18T18:53:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103965"},"modified":"2022-12-09T02:40:12","modified_gmt":"2022-12-09T10:40:12","slug":"edr-acquires-900-bed-student-housing-property-near-asu-for-90m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/edr-acquires-900-bed-student-housing-property-near-asu-for-90m\/","title":{"rendered":"EdR Acquires 900-Bed Student Housing Property Near ASU for $90M"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"District<\/a>Tempe, Ariz.–The District on Apache, a 900-bed student housing community serving Arizona State University in Tempe, Ariz., has just joined EdR\u2019s portfolio. The REIT acquired the property from developer Residential Housing Development L.L.C. in a transaction valued at $89.9 million.<\/p>\n

Sited just half a block from the ASU campus at 977 E. Apache Blvd., the District first opened its doors to residents in August 2013, offering 279 units laden with the high-end amenities that are fast becoming a prerequisite among the student population.<\/p>\n

The purchase of The District dovetails with EdR\u2019s current strategy. \u201cEdR’s business plan has been to reposition our portfolio by divesting assets that are further from campus but that serve secondary or tertiary campuses and then to redeploy the proceeds to acquire developed communities either on-campus or pedestrian to tier 1 universities,\u201d Tom Trubiana, chief investment officer with EdR, said during the company\u2019s second quarter earnings call in July. \u201cIn doing so, we believe this improved portfolio of assets will provide a better and more consistent return on investment.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The property first opened its doors to residents in August 2013, offering 279 units laden with the high-end amenities that are fast becoming a prerequisite among the student population.<\/p>\n","protected":false},"author":969,"featured_media":1004103979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21783,21742],"tags":[],"class_list":["post-1004103965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-investment","category-latest"],"acf":[],"yoast_head":"\nEdR Acquires 900-Bed Student Housing Property Near ASU for $90M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/edr-acquires-900-bed-student-housing-property-near-asu-for-90m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EdR Acquires 900-Bed Student Housing Property Near ASU for $90M\" \/>\n<meta property=\"og:description\" content=\"The property first opened its doors to residents in August 2013, offering 279 units laden with the high-end amenities that are fast becoming a prerequisite among the student population.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/edr-acquires-900-bed-student-housing-property-near-asu-for-90m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-18T18:53:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:40:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/District-on-Fort-Apache.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"897\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/edr-acquires-900-bed-student-housing-property-near-asu-for-90m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/edr-acquires-900-bed-student-housing-property-near-asu-for-90m\/\",\"name\":\"EdR Acquires 900-Bed Student Housing Property Near ASU for $90M - 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