Education Realty Trust Inc. has initiated construction on phase one of a $250 million initiative to replace approximately 3,500 beds of on-campus student housing at Indiana University of Pennsylvania in Indiana, Pa. Allen & O’Hara Development Company, a subsidiary to Education Realty Trust Inc. (NYSE:EDR), will lead the development of the new residential communities.
A $52 million revenue bond issue to finance the initial phase was completed on May 16, 2006. Phase one includes construction of 734 beds of single and double occupancy and suite-style housing in two buildings. Phase two is scheduled to begin in early 2007 and involves construction of new student communities with 1,000 beds.
“We’re thankful to be underway and grateful for the opportunity to serve Indiana University of Pennsylvania on the largest privatized housing replacement plan in the country,” says William Harris, president of Allen & O’Hara Development Company.
This is the ninth project awarded to EDR affiliates at schools within the Pennsylvania State System of Higher Education. The new community is scheduled to open in the summer of 2007.
Education Realty Trust Inc., is a REIT that owns, manages and develops student housing. It is one of the largest student housing companies in the nation.