Report: Memphis-based EdR may sell for $3.1B
A Memphis-based firm that owns 79 student apartment developments in 25 states may soon be sold, according to a report this week from the Wall Street Journal.
Education Realty, or EdR, has been in talks to be acquired by Greystar Real Estate Partners for about $3.1 billion, states the report that cites unnamed sources.
The Journal’s story states that while an announcement is expected late this week, the sales price could change, the sale may not happen, and at least one other potential buyer is pursuing a deal with EdR.
“As a company, we don’t comment on market rumors,” EdR spokesman Craig Wack said in an email.
The real estate investment trust (REIT) occupies the entire top, sixth floor and some of the third floor — 32,100 square feet total — of Boyle Investment Co.’s 999 Shady Grove office building in East Memphis.
EdR employs 171 people in Memphis and more than 1,200 people companywide. The firm is among the nation’s largest owners, developers and managers of collegiate housing.
The 79 college student apartment communities owned or managed by EdR comprise more than 42,300 beds that serve 50 universities.
This summer, EdR expects to deliver 10 additional new apartment complexes both on and off campuses that total another 7,686 beds.
EdR has a corporate-giving program called “Hearts + Hands” and partners with Soulsville Charter School. The corporate headquarters employees provide a day of service each fall by going to the Knowledge Quest in South Memphis and doing cleanup and construction projects.
Greystar is an international real estate company that manages 435,000 apartment units globally, owns about 50,000 units and, according to its website, has a $26 billion global portfolio.