Memphis, Tenn. — Education Realty Trust (EDR) has disposed of five of its student housing communities in two separate deals for a total of $53.1 million. In the first transaction, EDR sold a four-property portfolio for $38.7 million. The portfolio includes three former Place communities — Western Place in Bowling Green, Ky.; Berkeley Place in Clemson, S.C.; and The Pointe at Southern in Statesboro, Ga. The communities serve the student populations of Western Kentucky, Clemson and Georgia Southern universities, respectively. The fourth property was The Gables Student Apartments, also located in Bowling Green.
In the second transaction, EDR sold The Reserve at Clemson, a 590-bed community located in Normal, S.C., for $14.4 million. For both transactions EDR received approximately $22.1 million in net proceeds after the repayment of $29.3 million in related debt and other closing costs.
he sales were completed as part of Education Realty Trust's repositioning strategy, which involved disposing of properties in smaller markets and reinvesting the capital into off-campus communities at larger universities. The strategy began with the company's recent acquisition of GrandMarc at the Corner, which is located near the campus of the University of Virginia in Charlottesville, Va.