MARQUETTE, MICH. — A public-private partnership between EdR (NYSE: EDR) and Northern Michigan University has opened The Woods, a 417-bed living-learning community located on the university’s campus in Marquette. The property is the first phase of a $75.4 million, 1,229-bed development scheduled for full delivery in 2018.
The community features robust internet and wi-fi capabilities, classrooms, study rooms, television lounges and laundry facilities. A large patio area, fireplace and an open lobby are designed to accommodate art shows, student events, university functions and various types of entertainment for residents year round.
“When we began this relationship with Northern Michigan University in 2016, we were struck by how dedicated the entire campus was to modernizing and revitalizing the on-campus housing for current and future students,” says Randy Churchey, CEO of EdR. “From student recruitment and retention, to graduation and academic success rates, we’ve seen first-hand what an impact high-quality on-campus housing can make for a university, as well as its students.”
EdR is leasing the land from the university and owns the community through its on-campus equity plan titled the ONE Plan program. This public-private partnership is the largest construction project in the university’s history.
EdR is one of America’s largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 85 communities with more than 45,000 beds serving 54 universities in 26 states.
The company’s stock price closed at $37.76 per share on Monday, Aug. 28, down from $43.66 one year ago.
— Katie Sloan