University of Kentucky Trustees Approve Phase V of EdR’s $74M On-Campus Housing Expansion

LEXINGTON, KY. — The University of Kentucky Board of Trustees has approved the next phase of the university’s on-campus housing revitalization that will bring the total number of beds delivered or currently under development to 6,504. Scheduled for completion in 2017, University Flats will comprise a seven-story building at University and Complex drives on the University of Kentucky’s (UK) Lexington campus. Designed to provide separate living communities for upper-level undergraduate students, and graduate and professional students, it will provide 771 beds in 312 apartments in various styles and sizes, from studios to four bedrooms. Each apartment will include furnishings and a full kitchen. EdR will finance the previously announced $74 million development through its On-Campus Equity Plan — The ONE PlanSM — which uses the company’s equity and financial stability to fund projects on university land. This program gives the university access to a single partner and helps create long-term financial benefits for EdR and UK. EdR will provide financing, oversee development and construction, and will be responsible for maintenance and management, while UK provides residence life services.