Memphis, Tenn. — Property is in Central West End.
EdR has purchased this 256-bed property on 3949 Lindell Blvd. in the Central West End neighborhood of St. Louis. The building was constructed in 2008.Memphis, Tenn. — Education Realty Trust (EdR) has completed the purchase of a four-story apartment complex near St. Louis University for $28.45 million. The purchase was funded by EdR with cash on hand.
The four-year-old building includes 256 beds in a variety of 197 studios, one- and two-bedroom apartments that include such features as wood floors and cabinets, ceramic countertops, full size washers and dryers and walk-in closets. The property is 91 percent leased for the 2011-2012 academic year.
The first-year economic cap rate is estimated to be approximately 6 percent based on expected net operating income over the next 12 months. After renovations, EdR anticipates a second-year economic cap rate of approximately 6.7 percent. The property is in St. Louis’ Central West End neighborhood and is across the street from St. Louis University, which has an enrollment of approximately 13,200 undergraduate and graduate students.