In another EdR campus completion, the company recently revealed that it has opened University Flats and Lewis Hall Honors College, the most recent phase of the revitalization of the University of Kentucky’s on-campus housing. In 2017, EdR will add nearly $300 million in assets to its owned portfolio and deliver nearly $100 million in third-party developments.
“With the opening of University Flats, the University of Kentucky has completed the most comprehensive transformation of student housing in public higher education,” says Eric N. Monday, UK’s executive vice president for finance and administration. “Working with EdR, we have constructed 6,850 new beds and nearly 200 active learning spaces to create a housing system that is singularly focused on student success through modern, technology-rich living spaces that foster a sense of community. At UK, we put students at the center of everything we do.”
University Flats is a seven-story building designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it provides 771 beds in 312 apartments in various styles and sizes from studios to four bedrooms. Each apartment in the community includes furnishings and a full kitchen. Lewis Honors College houses 350 students in a live-learn environment and serves as a learning nexus for UK’s top-tier students.
“We’re proud of our partnership with the University of Kentucky and believe it will only get stronger in the years and decades to come,” says EdR CEO Randy Churchey. “There’s a great deal of pride in seeing our teams come together to complete all phases of this project and to witness the positive difference this new housing has made for the University of Kentucky’s recruiting, retention and student success.”
EdR has financed the entire $450 million, five-phase development through its On-Campus Equity Plan – The ONE PlanSM – which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single trusted partner, and helps create substantial long-term financial benefits for EdR and UK. While no additional phases are currently under construction, EdR will still maintain and manage the communities, which represent more than 90% of UK’s on-campus beds, with UK providing residential life for the balance of the 75-year ground lease.
In other EdR news, as The REIT Wire recently reported, the REIT just recently opened SkyVue, a new pedestrian-to-campus community serving Michigan State University and downtown Lansing, MI. The 824-bed wrap-style, mixed-use community, built in a joint venture with RISE: A Real Estate Company, offers floor plans in one-, two- and four-bedroom configurations with more than 4,000 square feet of retail space.