Education Realty Trust claims more UVA housing for $23M


How about a little green to kick off St. Patrick’s Day? Months after Education Realty Trust (ERT) purchased the 224-unit GrandMarc apartments on 15th Street for $45.5 million, the Tennessee-based developer added a few more local buildings to its portfolio. The Memphis Business Journal reports that ERT purchased two buildings from Wade Apartments—Wertland Square and Jefferson Commons—for $23 million. The two properties are assessed at a combined $17.3 million.

During the last year, ERT sold off nine holdings at other college campuses for $84 million. In January, the company publicly offered more than 13 million shares of stock and took in $91 million. According to a March filing, ERT "intends to use the net proceeds to repay debt, fund its development pipeline, fund potential future acquisitions and for general corporate purposes." That development pipeline could include a future 300-bed building near grounds, on land currently owned by Wade.