Partners and neighbors celebrate opening of 2400 Nueces

Monday, July 29, 2013

EdR (NYSE:EDR), a leader in the ownership, development and management of collegiate housing, celebrated the opening of 2400 Nueces this week with neighbors, design and construction team members, partners from The University of Texas at Austin (UT Austin) and other guests.

Designed by the award-winning architectural firm PageSoutherlandPage with input from The University of Texas at Austin’s Campus Real Estate department, 2400 Nueces impressed many of the guests with its overall design, stunning views and the thoughtful finishing touches within the apartments and common areas.

 “2400 Nueces has raised the bar and set a new standard for collegiate living," said Amy Wanamaker, UT Austin’s campus director of real estate.  “The exterior and interior design, unit mix and amenities come together to create a great addition to the West Campus neighborhood and residential options for our students and staff.” 

 “EdR has evolved through its near 50-year history to meet universities’ and students’ changing needs and expectations,” said Tom Trubiana, executive vice president and chief investment officer. “This community is the culmination of our team’s experience and expertise particularly in terms of financing, design, amenities and service.”

Designed to appeal to upper-level and graduate students as well as faculty, staff and young professionals, the 304 apartments include private bathrooms, faux wood flooring, stainless-steel appliances and granite countertops.  The studios, one-, two-, three- and four-bedroom apartments can be leased either furnished or unfurnished.  The building is 99% leased and ready for resident move-in on August 1.

Nearly 75 people attended the event including UT Austin representatives, project partners and vendors along with 2400 Nueces neighbors.  Guests toured several apartments and the common areas:  multi-purpose gathering room, cyber cafe and a fitness center with a view of one of two courtyards where the group gathered for the champagne reception.  Both courtyards provide beautiful open-air decks on the sixth floor with stunning views of the campus and the hill country along with a resort-style swimming pool and hot tub surrounded by a rooftop garden patio. 

 “2400 Nueces incorporates design elements that make it a part of the neighborhood as well as the campus,” said Larry Speck, design principal at PageSoutherlandPage.  “Most importantly, it’s designed to encourage the students and young professionals who will live here to make friends, be a part of the university community while also giving them the quiet, contemplative spaces they need.”

The $63.9 million cost of the development was financed through EdR’s On-Campus Equity Plan — or The ONE PlanSM.   With The ONE Plan, EdR uses its capital and financial stability to fund its projects on university-owned land, on or near a university campus.   As the ground tenant, EdR will own and manage 2400 Nueces.

"Our development team and our partners have created an impressive addition to UT Austin’s campus,” said Randy Churchey, EdR’s president and chief executive officer.  “Now we turn this wonderful building over to an equally talented and professional onsite management team from EdR who will provide an incomparable level of service to the residents.”