San Marcos, Texas and E. Lansing, Mich. — EdR will build two off-campus student housing developments in San Marcos and E. Lansing under joint-venture agreements.
Both properties are scheduled to open in the summer of 2017.
EdR, under its joint-venture agreement with RISE: A Real Estate Company (formerly Ambling University Development Group), will develop, construct and manage a mixed-use student community located within walking distance of the Michigan State University campus. EdR will own 90 percent of the $90 million development, serve as managing partner, and be responsible for leasing and management of the community.
Construction began recently on the unnamed wrap-style project of 824 beds in a mix of one-, two- and four-bedroom apartments. The development will also feature more than 4,000 square feet of retail space. Apartments will include private bedrooms and baths, washers and dryers, furnishings and granite countertops. Community amenities will include a covered parking garage, computer center, study room, fitness center, and two courtyards with grilling stations, televisions and volleyball courts.
EdR recently also closed on financing and finalized the development agreements with Carson Properties, a Central Texas real estate development firm, for a $29.6 million, purpose-built, student housing community located one block from the Texas State University campus in San Marcos.
Named The Local Downtown, the community will include 304 beds in a mix of studios, one-, two- and four-bedroom apartments with private bedrooms and baths, washer and dryers, river and city views, and upscale furnishings and appointments. The community will also include a parking garage, as well as a clubhouse with a gaming lounge, coffee bar, study lounge, tanning domes, saunas and a fitness center with cardio and strength-training equipment.
EdR will own 80 percent of the $29.6 million development and will serve as managing partner and be responsible for construction management, residential leasing and management of the community. Carson Properties will lease the approximately 6,000 square feet of ground-floor retail space. Construction is also underway.