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EDR REIT pays $91M for student housing project near ASU

Posted by   /  September 17, 2014  /  No Comments

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EDRBy: Business Real Estate Weekly

EdR in Memphis, Tenn. (NYSE:EDR) paid $91 million (326,165 per unit) to buy The District on Apache, a 279-unit student housing project located southeast of Arizona State University at 977 E. Apache Boulevard in Tempe. The seller in the cash transaction was Tempe Student Housing LLC, a company formed by Residential Housing Development LLC in Houston, Tex. and West Palm Beach, Fla. (Llwyd Ecclestone, Derek Anderson, Nick Anderson, partners). The seven-story project, which opened in 2013 is fully leased for this school year. The 900-bed complex is located on the south side of Apache Boulevard and just east of Rural Road.

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