MINNEAPOLIS—EdR has joined in a partnership with GEM Realty Capital and Schenk Realty Group to develop and own off-campus student housing at the University of Minnesota here, and the joint venture has already started one $88 million project.
Construction has begun on the new development in the Dinkytown neighborhood two blocks from the University of Minnesota’s main campus. Scheduled for completion in summer 2014, this community will offer 901 beds in a variety of 308 furnished studios, one-, two-, three- and four-bedroom units each with private bedrooms and baths. Amenities will include indoor swimming pool and basketball court, fitness center, bicycle storage and wash area, outdoor deck and grilling area, Zen gardens and an outdoor plaza. The building will also contain 25,000 sq. ft. of retail space.
Randy Churchey, president and CEO of EdR, said his firm will be a 50% owner of all properties and will manage each community on behalf of the JV. “The opportunity to add another strategically well-located collegiate housing community at a school such as the prestigious and vibrant University of Minnesota in conjunction with two highly regarded partners is exciting,” Churchey said. “Both of these companies have a long history of success in our industry and we anticipate that this partnership will lead to more opportunities to create value for our shareholders.”