Developed by EDR almost 50 years ago, the property is now owned by the University but remains under EDR’s management.
Chapel Hill, N.C. — Chapel Hill Foundation Real Estate Holdings, an entity of the University of North Carolina at Chapel Hill, has renewed its management contract with Education Realty Trust (NYSE: EDR) for the management of Granville Towers, a 1,328-bed student housing community located on the edge of campus.
Granville Towers was developed by EDR’s development arm, Allen & O’Hara, in 1964. It was one of firm’s first projects and one of the first purpose-built, privatized housing projects in the country. The Chapel Hill Foundation purchased the property in 2009. The contract with Allen & O’Hara Management Services, the management division of EDR, was renewed for a five-year term, during which time the community will celebrate its 50th birthday.
The community is currently undergoing a multi-million renovation that has already included a lobby renovation, flooring upgrades throughout the building, and improved and new amenities. EDR also reviewed the property’s service contracts and residence life programming
To read more about Graville Tower, check out the Campus Update section of the May/June issue of Student Housing Business.
— Coleman Wood