Education Realty Trust Awarded Third Party Development Contract
Education Realty Trust, Inc. (NYSE:EDR), a nationwide leader in the ownership, development and management of student housing, today announced that its third-party development services subsidiary, Allen & O’Hara Development Company, LLC. (”AODC”), has been selected as the development team to partner with East Stroudsburg University of Pennsylvania in the creation of a new student housing community.
Project construction is expected to begin in May 2009 and is to be completed in 2010. The initiation and completion of this awarded development project are contingent upon the execution of transactional documents and obtaining adequate tax exempt financing.
This project is part of an initiative to address a housing shortage at the university. East Stroudsburg University of Pennsylvania is a state university founded in 1893 that has over 7,000 students enrolled in more than 68 undergraduate and 21 graduate degree programs.
Mr. William Harris, President, Allen & O’Hara Development Company, commented, “The housing project at East Stroudsburg University represents the eighth school in the Pennsylvania state system where we have been selected to develop new state of the art housing, now totaling over 13,000 beds. We look forward to playing an important part in helping the University grow, and helping fulfill the housing needs of its students.”
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