EdR has begun construction on a $110 million, 599-bed student housing community next to the University of Hawai’i’s flagship Manoa campus in Honolulu, in collaboration with San Francisco–based Laconia Development. EdR will serve as the community’s property manager while holding 90% ownership.
“This is a great opportunity to add to our development pipeline, which is driving significant growth for EdR,” said Randy Churchey, EdR’s CEO, in a release. “Assembling land with our partner, Laconia, in such a prime location in the city of Honolulu that the joint venture will own fee simple is a major feat and will allow us to bring modern off-campus living options to University of Hawai’i students.”
The community will include 13,000 square feet of retail on the ground floor, and its beds will be distributed in one- to four-bedroom floor plans. Residents will be able to access a rooftop fitness center, outdoor terrace, community kitchen, study lounges, and gaming areas, as well as structured parking. It is expected to be move-in ready by summer 2018 or 2019, depending on early-phase construction speed.
EdR currently owns or manages 86 communities at 53 universities in 24 states, with more than 44,400 beds across all properties.