MEMPHIS, Tenn., Aug. 3, 2016 /PRNewswire/ -- EdR (NYSE:
EDR), one of the nation's largest developers, owners and managers
of high-quality collegiate housing communities, has announced plans
for a complete redevelopment of one of its off-campus communities,
Players Club, at Florida State
University (FSU) in Tallahassee,
Fla.
"The location of Players Club is still ideal and it gives us an
opportunity to redevelop the community to achieve favorable
investment returns," said EdR president Tom
Trubiana. "Our market research shows strong demand at FSU
for a highly-amenitized community at this prime location."
The Players Club first opened in 1993 as a 336-bed community
near the FSU campus. When the redevelopment is complete in summer
2018, the community will provide 596 beds that include
state-of-the-art features and amenities.
Redevelopment and construction costs are expected to be
$37.5 million. Construction
will begin in May 2017 following the
2016-17 academic year. The new Player's Club will open in summer
2018 in time for the 2018-19 school year.
The new community will be a mix of two- and four-bedroom
apartments as well as four-bedroom townhomes. Each apartment will
have bed-bath parity. Amenities will include a new pool, aqua
lounge, dog washing station, in-room washer/dryer, granite
countertops and robust internet and Wi-Fi throughout the
community.
Florida State University's total
enrollment in 2015 was 41,473 and has been steadily expanding over
the last five years. FSU comprises 16 colleges and more than 360
programs of study and was rated in the top 50 of public
universities in U.S. News and World Report's 2016
rankings.
About EdR
EdR (NYSE:EDR) is one of America's largest
owners, developers and managers of collegiate housing. EdR is a
self-administered and self-managed real estate investment trust
that owns or manages 79 communities with more than 41,000 beds
serving 52 universities in 24 states. EdR is a member of the
Russell 2000 Index, the S&P MidCap 400 and the Morgan Stanley
REIT indices. For details, please visit the company's Web site at
www.EdRtrust.com.
For more information, contact:
J. Drew Koester, Senior Vice
President, Capital Markets and Investor Relations
901-259-2523 dkoester@EdRtrust.com
For media information or photography, contact:
Susan Jennings, Vice
President, Corporate Communication and Marketing
901-259-2506 sjennings@EdRtrust.com
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that are not historical facts are "forward-looking statements."
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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 dates
on which they are made, and the company undertakes no obligation to
update publicly or revise any guidance or other forward-looking
statement, whether as a result of new information, future
developments, or otherwise, unless required by law.
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SOURCE EdR