Memphis, Tenn. — EdR assumes full ownership of University of Oklahoma-area complex.
EdR purchased the remaining interest in The Reserve on Stinson for $22.9 million cash on hand.Memphis, Tenn. — EdR has purchased the remaining interest in a former joint venture acquisition with Walton Street Capital. The Reserve on Stinson, a 612-bed apartment community near the University of Oklahoma in Norman, Okla, was purchased by the two entities in 2006 for $31 million. EdR’s $22.9 million purchase of the remaining 90 percent was funded with cash on hand.
The Reserve on Stinson was built in 2004 and is less than a half-mile from campus. It offers two-, three- and four-bedroom units as well as a pool, fitness center, covered parking and shuttle service. It was 97.5 percent occupied at the beginning of the 2011-2012 year.