EdR, specializing in the ownership, development and management of collegiate housing, announced its commitment to acquire a collegiate housing development directly across the street from the Florida International University (FIU) campus for $43.5 million from a Miami-area developer.
FIU is the second largest university in Florida and the seventh largest in the U.S. with a 2012 total enrollment of 50,394 consisting of approximately 36,000 undergraduate and 14,000 graduate students. Classified as a top-tier research university by the Carnegie Foundation, FIU also is a first-tier research university as designated by the Florida legislature.
Enrollment at FIU has grown 5% each year since 2008 and the university expects to grow enrollment to 60,000 students by 2020. FIU has only 3,500 beds of on-campus housing; freshmen are not required to live on campus.
This 15-story community currently being constructed adjacent to the north side of the university’s main campus is the first purpose-built collegiate community development at FIU. The 542-bed apartment community will offer a variety of two- and four-bedroom apartments, with private baths for each bedroom and a washer and dryer in each unit. Residents will enjoy a variety of amenities such as a pool, robust internet and Wi-Fi access, fitness center, theater room and an outdoor deck.
EdR’s acquisition is subject to the completion of the project in time for fall 2014 occupancy. EdR is responsible for all leasing and management operations.
More at EdR.