Phase I will consist of 969 beds of new student housing.
East Strousburg, Pa. — Education Realty Trust (NYSE: EDR) has commenced development for a multi-phase project to revitalize student housing at East Stroudsburg University. Phase I of the project will include the construction of two four-story buildings containing 969 beds. The units will be arranged in 438 two- and four-bedroom suites. It is scheduled to open in January 2012.
The project’s owner is University Properties Inc., an affiliate off the school. WTW Architects will design Phase I of the project, and P. Agnes Construction will serve as general contractor. Financing for Phase I is being provided through approximately $74 million in fixed-rate, tax-exempt bonds.