Colorado Real Estate Journal - October 21, 2015
A distinctive off-campus student housing community across the street from the University of Colorado sold to a real estate investment trust for $48.8 million, or $153,943 per bed. EdR, one of the country’s largest owners, developers and managers of collegiate housing, bought The Province from an affiliate of Edwards Communities. Edwards Communities developed the property, which incorporates a repurposed church sanctuary, just over a year ago. EdR also owns The Lotus in Boulder, which it recently enhanced and expanded to 235 beds. The Province, which has 317 beds, is its second asset in Colorado. “We purchased The Province because of our success at The Lotus and excitement around the University of Colorado, a Tier 1 university with a growing enrollment, and the upscale quality of The Province and its amenities,” said Scott Barton, EdR vice president of acquisitions and development. Located at 950 28th Street Frontage Road in Boulder, the property is highly visible and distinguished by the former church, which was redeveloped into a fitness center and clubhouse with a kitchen, tables, large-screen television, pool table and computer. The building also houses the leasing and management team. The Province was 100 percent occupied at the time of the sale. Featuring a mix of fully furnished two-, three- and fourbedroom units with private bathrooms, The Province offers fully equipped kitchens and cable television, as well as community Wi-Fi, covered parking, outdoor space and a rooftop terrace. There are 84 units, the majority of which have four bedrooms and four baths. Rents start at $954 per bed for four-bedroom units, with two-bedroom units commanding $1,210 per bed, according to The Province website. Kevin Larimer, a partner and national director of student housing for Berkadia, represented the seller in the transaction. EdR is a self-administered and self-managed real estate investment trust that owns or manages approximately 80 communities with nearly 42,000 beds serving 52 universities in 23 states.