EDUCATION REALTY TRUST TO BUY TCU HOUSING COMMUNITY FOR $54.7M

FORT WORTH — Education Realty Trust has agreed to purchase the leasehold interest of the 244-unit GrandMarc at Westberry Place, a collegiate housing community on the campus of Texas Christian University in Fort Worth, for $54.7 million. The transaction is expected to close in mid-November. The property is 97.8 percent leased and is subject to a 53-year ground lease with TCU. In addition, the housing community includes 30,000-square-feet of ground floor retail that is currently 100 percent leased.