Education Realty Trust Acquires Collegiate Housing Community Adjacent to the University of California, Berkeley for $16.3M

Education Realty Trust Inc. EDR today completed the purchase of Westminster House, an historic collegiate housing community adjacent to the University of California, Berkeley for $16.3 million. The Westminster House community, comprised of two buildings adjacent to the north and south sides of the campus, contains a total of 167 beds. Each is one block closer to the core of campus than university- sponsored housing. The average monthly rental rate is $948 per bed, and the community is currently 65% occupied. Only 35% of the more than 25,000 undergraduates live in university-sponsored housing. EDR will complete primarily cosmetic improvements to both locations for fall 2011 move-in at an additional cost of $800,000.