MEMPHIS, Tenn., March 28, 2007 (PRIME NEWSWIRE) -- Education Realty Trust, Inc. (NYSE:EDR) and Kensington Realty Advisors, Inc. today announced that construction has started on a new 896-bed, off-campus student apartment community adjacent to the University of Michigan's North Campus in Ann Arbor, Michigan.
A photo accompanying this release is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3515
The collegiate community, known as The Courtyards, will feature one-bedroom/one-bathroom, two-bedroom/two-bathroom, three-bedroom/three-bathroom and four-bedroom/four-bathroom apartments, in a series of three, five-story buildings located immediately adjacent to the university's North Campus.
Kensington affiliate Kensington/Marquette Partners, LLC and EDR subsidiary Allen & O'Hara Development Company, LLC are developing the community jointly for Ann Arbor Campus Housing, LLC, a Kensington affiliate, which is the owner of the community.
"We are pleased to break ground today on a new, off-campus collegiate community which will benefit students, the university and the town of Ann Arbor in tangible ways for years to come," said James S. Smith, managing principal of Kensington Realty Advisors, Inc., an SEC-registered investment advisor which provides real estate investment management and advisory services to institutional and corporate clients from offices in Chicago and Corona Del Mar, California.
"The Courtyards has an excellent location next to one of America's premier universities. The community has been designed to accommodate the needs of today's students and is packed with amenities," said Allen & O'Hara Development Company Senior Vice President Tom Trubiana. "We have an absolutely top-notch development and management team to bring these plans to life. This is a magnificent project and we're pleased to be able to contribute to its success."
The development team includes architect Neumann Smith & Associates of Southfield, Michigan, a premier designer of university facilities during the past decade; Midwestern Consulting, an Ann Arbor-based engineering firm; and site development contractor Sunset Excavating Inc. of Livonia, Michigan.
The Courtyards is under construction off Plymouth Road near the intersection of Plymouth Road and Broadway Street. Construction is scheduled for completion in the fall of 2008 and leasing is scheduled to begin late this year.
Planned amenities at The Courtyards in Ann Arbor include:
-- private bedrooms, bathrooms and individual leases for each resident -- fully furnished apartments with full-sized kitchen appliances -- washers and dryers in each apartment -- park-like courtyards -- a cyber cafe -- recreational facilities -- tanning capsules -- quiet study and meeting rooms -- high-speed Internet access -- cable television -- convenient access to city and campus transportation -- music practice room with a piano -- outdoor badminton court -- mini movie theater with surround sound for residents use
Presently, Allen & O'Hara Development Company has ten projects with 8,378 beds under construction or in development in five states.
About Education Realty Trust
Education Realty Trust, Inc. (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the U.S. Led by a team with more than 170 years of shared industry experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 40,742 beds at 66 communities in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
About Kensington Realty Advisors
Kensington Realty Advisors, Inc. is a SEC Registered Investment Advisor providing investment management and advisory services relative to multi-family, industrial, senior and student housing properties. Acting strictly as a fiduciary, the primary clientele includes institutional and corporate owners. The firm is composed of a team of highly experienced real estate professionals with extensive backgrounds in real estate investment and asset management. In addition, Kensington is the co-owner of Kensington/Marquette Partners LLC and KMF Senior Housing Investors LLC. Find additional information on the Web at www.kra-net.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements about the company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and EDR undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
The photo is also available at NewsCom, (www.newscom.com), and via AP PhotoExpress.
