Greystar Student Housing Growth and Income Fund, LP, an affiliate of Greystar Real Estate Partners, has completed its acquisition of student housing developer and operator EdR.

The merger agreement was first announced on June 25. EdR’s stockholders voted to approve the merger agreement on September 14, a transaction valued at approximately $4.6 billion.

In conjunction with the deal, each of EdR’s stockholders is entitled to $41.50 per share in cash. EdR’s common stock has ceased trading on the New York Stock Exchange effective before the market opened on September 20.

"Not only was the sale beneficial to EdR's shareholders, but joining forces with Greystar will also benefit our residents, university partners, and employees," said Randy Churchey, EdR's CEO and chairman of the board, in a statement. "This transaction greatly expands Greystar's U.S. student housing portfolio and opens up even more opportunities for our current and future university partners who are looking at expanding their on-campus housing through public–private partnerships.”

EdR’s existing student housing platform will continue to operate under the Greystar brand and will retain its leadership and Memphis, Tenn., headquarters.

A joint venture between an affiliate of Greystar and an affiliate of Blackstone Real Estate Income Trust has also acquired a portfolio of 20 of EdR’s communities, for $1.2 billion, and the Greystar–EdR team will continue to manage these properties.

"Completing this highly strategic transaction provides us with an institutional-quality student housing platform at a scale that would be very difficult to replicate in the private market," said Bob Faith, Greystar's founder, chairman, and CEO, in a statement. "It also advances our long-term strategy to grow our global student housing footprint, and we look forward to leveraging our proven platform to enhance the company's performance and value. EdR boasts a deep bench of talent and we look forward to welcoming their team into the Greystar family."