Education Realty Trust Announces New Joint Venture Developments As Part Of Nationwide Expansion Of Footprint

Education Realty Trust, Inc. (NYSE: EDR), an REIT that focuses on collegiate housing communities near university campuses, on Thursday announced two new joint venture developments that are scheduled for 2017.

Education Realty Trust stated that it entered into a joint-venture agreement with RISE, a real estate company, to develop, construct and manage a student community pedestrian at Michigan State University. Education Realty Trust will own 90 percent of the $90 million development plan.

Education Realty Trust also announced an agreement with Carson Properties, a real estate development firm, for a $29.6 million student housing community near the Texas State University campus. The company will own 80 percent of the $29.6 million development.

Education Realty Trust's President, Tom Trubiana, stated that the new developments will "raise the bar" on campus living and "expand EdR's footprint across the nation."

Shares of Education Realty Trust are higher by 0.45 percent over the past year.