EdR (NYSE:EDR) announced the commencement of construction of a collegiate housing community, located near Oklahoma State University in Stillwater, OK. The collegiate community, named Avid Square (NYSE:SQ), is ideally located close to both the university campus and the Stillwater's entertainment district and is likely to be accretive for the Memphis, TN-based residential real estate investment trust (“REIT”), going forward.
The community is a joint venture between EdR and Laureate Campus Living. EdR, being the majority owner, will be responsible for managing the community. Slated to be completed in summer 2017, the community will offer 475 beds in a mix of studio, 1, 2 and 4 bed-roomed floor plans. Alongside, it will include a pool, fitness center, courtyard, internet and Wi-Fi facility all through the community. Notably, just around a week ago, EdR unveiled the beginning of construction of a residential hall at Shepherd University in Shepherdstown, WV (Read more:EdR Starts Building Residential Hall at Shepherd University).
EdR owns, manages, and develops student housing communities located near university campuses throughout the U.S.
Currently, EdR carries a Zacks Rank #2 (Buy).
Investors interested in the residential REIT sector can consider stocks like Armada Hoffler Properties, Inc. (NYSE:AHH) , Equity LifeStyle Properties, Inc. (NYSE:ELS) and Post Properties Inc. (NYSE:PPS) , all carrying the same Zacks Rank as EdR.
POST PPTYS INC (PPS): Free Stock Analysis Report
EDUCATION RLTY (EDR): Free Stock Analysis Report
EQUITY LIFESTYL (ELS): Free Stock Analysis Report
ARMADA HOFFLER (AHH): Free Stock Analysis Report
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