EdR Announces Redevelopment of Off-Campus Community at Florida State University

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   [e-mail]

For media information or photography, contact:  
Susan Jennings, Vice President, Corporate Communication and Marketing
901-259-2506   [e-mail]

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 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.

 

 

Photo - http://photos.prnewswire.com/prnh/20160802/394953
Logo - http://photos.prnewswire.com/prnh/20160201/328115LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/edr-announces-redevelopment-of-off-campus-community-at-florida-state-university-300307733.html

SOURCE EdR

Copyright 2016 PR Newswire