EDR Acquires Two Communities at UVA for $23 Million

The REIT now owns three properties in the Charlottesville market.

Grandmarc-at-Corner
Grandmarc at The Corner
Charlottesville, Va. — Education Realty Trust (NYSE: EDR) has acquired two apartment communities located near the campus of the University of Virginia for $23 million. The seller was Wade Apartments, which is one of the largest student housing owners in the market.

 

Wertland Square is a 152-bed community located within walking distance of campus next to The Corner. Completed in 2006, the apartment mix consists of 50 two- and four-bedroom units. The average monthly rent is $708 per bed.

 

Jefferson Commons is an 82-bed community located at the corner of Jefferson Park Avenue and Valley Road. It opened in 2007 and the average monthly rents is $578 per bed.

 

Both communities were fully occupied at the time of the sale and are 100 percent pre-leased for the 2011-2012 school year. With the acquisition, EDR now owns three communities in the market. Last fall, it acquired GrandMarc at The Corner, a 641-bed community that was purchased for $45.5 million.

 

In addition, EDR mentioned that it is working with Wade Apartments on a plan to develop a parcel of land the latter company owns on Brandon Avenue adjacent to the South Lawn of the UVA Grounds. The project could contain as many as 300 beds of student housing. Further details were not available.

 

— Coleman Wood

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