Education Realty Trust and The Edwards Cos. break ground on $41 million project.
Tuscaloosa, Ala. — Education Realty Trust (NYSE:EDR) and The Edwards Cos. have started construction on a $41 million, 774-bed student housing apartment community adjacent to the University of Alabama in Tuscaloosa. The Edwards Cos. is providing development and design build services for the project. Education Realty Trust, as majority owner and managing member of the joint venture, will manage the property upon completion. Amenities of the property include a movie theater, fitness center, study space, game lounge, computer lab, swimming pool and an outdoor patio with grills and a picnic area. The joint venture secured a conventional construction loan through Regions Bank to fund the project, which is scheduled for completion in 2012.
"We are excited to break ground in Tuscaloosa and contribute to the re-birth of this campus after the devastating storms earlier this year," said Randy Churchey, president and chief executive officer of EDR.
— Savannah Duncan