Memphis, Tenn. — Memphis-based Education Realty Trust (NYSE: EDR) has closed on its previously announced sale of five off-campus student housing properties to Kayne Anderson Capital Advisors. The portfolio traded for $46.1 million.
The properties include The Reserve at Jacksonville, a 504-bed community located in Jacksonville, Ala.; The Chase at Murray, a 408-bed community located in Murray, Ky.; Troy Place, a 408-bed community located in Troy, Ala.; the Reserve at Martin, a 384-bed community located in Martin, Tenn.; and Clemson Place, a 288 bed community located in Clemson, S.C.
EDR expects to realize approximately $29.7 million in net proceeds from the sale following the repayment of $16.1 million in related debt and other closing costs.
The company has also recently promoted two of its team members. Olan Brevard has been promoted from vice president of real estate to senior vice president of acquisitions. In addition, Rhonda Johannesen has been promoted from vice president of development to senior vice president of real estate development.