WHEELING, IL – The Lynmark Group, developer of Wheeling Town Center, has just unveiled the interior visuals for the 301 luxury rental apartments and is taking reservations. Making comfort and convenience home in the center of Wheeling, the interiors and floor plans for the exclusive five-tale, residential complex reveal a variety of high-tech, luxury amenities and features.

Residents will be able to choose from unique floor plans that offer private terraces, balconies, and dens. Layouts will include studios ranging from approximately $1,600 to $1,740 per month; one-bedrooms ranging from $1,800 to $2,400 per month, two-bedrooms ranging from $2,700 to $3,300 per month, and three-bedrooms ranging from $3,300 to $3,600 per month. Every model features high-end design aesthetics, including keyless entry, open floor plans, in-unit washer and dryer, walk-in closets, stainless steel appliances, and built-in microwaves. Apartments are offered in two sleek finishes of Night or Day to match bright and dark individual preference. 

Reservations are being taken on a first-come, first-serve basis and can be made by providing a $250 deposit and filling out the pre-lease registration agreement online. The first two months’ rent will be offered free of charge to residents who sign a 14-month lease.

“We’ve just revealed these apartments and interest is already building,” said Joshua Goldstein, President of the third-generation, family-owned Lynmark Group. “ONE will be a luxury rental experience unlike anything on the North Shore. Not only will residents delight in the high-end finishes and amenities that are unparalleled by competitors, but ONE’s location will give these residents direct access to the dynamic town center entertainment that’s just steps from their front door. With the Metra onsite, and the Wheeling Park District right next door, ONE will be the only way to live.”

The new building will be LEED, ENERGY STAR, and ComEd New Construction Energy Efficient-certified, bringing high-efficiency standards to residents that will also reduce utility costs.

In addition to the ONE amenities, residents will have simple access to the Wheeling Park District facilities that are currently undergoing a $16.9 million renovation and offer indoor pools, basketball courts, an extensive outdoor waterpark, baseball fields, walking paths, and a performance pavilion that features concerts and movies in the park. 

“Looking at the drawings and the renderings, it’s a dream to finally see this here in Wheeling,” said David Kolssak, a lifelong Wheeling resident. “I’ve lived here since 1973, and I’ve seen it go from a dusty small town to a much more cosmopolitan area. I’m really proud to be a resident and business owner here.”

The ONE apartments are surrounded by the Wheeling Town Center’s 100,000 square feet of commercial space across its 16-acre site. Current commercial tenants include CMX Cinemas, City Works Eatery and Pour House, Starbucks, Inland Bank, Mia’s Cantina, and 312 Nails & Spa. 

“We’ve set out to make this an unparalleled experience in a location that can’t be beat,” said Richard S. Oller, a partner in the development and Chairman of GoldOller Real Estate Investments, the project’s property manager. “Wheeling Town Center is one of the most exciting projects I’ve worked on in years because we are making an exceptional living environment for residents while helping to entirely reposition the Village of Wheeling.”

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MEMPHIS, TN – EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, announced that it has entered into a definitive merger agreement to be bought by a newly-formed, perpetual-life fund, Greystar Student Housing Growth and Income Fund, LP (“GEdR”), an affiliate of Greystar Real Estate Partners, in an all-cash transaction valued at approximately $4.6 billion, including debt to be assumed or refinanced. 

Under the terms of the merger agreement, which was unanimously approved by EdR’s Board of Directors, EdR’s stockholders will receive $41.50 per share in cash. This represents a premium of 26.3 percent over the 90-day volume-weighted average share price ending May 31, 2018 and a premium of 13.6 percent over the May 31, 2018 closing share price, the last trading day prior to news tales speculating about the possible sale of EdR. 

“For more than 50 years, EdR has been a pioneer in the student housing industry, partnering with some of America’s most prestigious universities to enhance and transform their campus housing and achieve their student success goals,” said Randy Churchey, EdR’s Chief Executive Officer and Chairman of the Board of Directors. “As a public company, one of our priorities is to maximize stockholder value and we believe this transaction with Greystar accomplishes that goal. We are certain today’s announcement is in the best interest of all of EdR’s stakeholders, including university partners, employees and stockholders.”

Churchey added, “Since the current EdR management team took over on January 1, 2010 — and including this transaction — EdR stockholders will have received a total stockholder return of 293%1, which ranks in the top quartile of all public U.S. equity REITs in existence during that time period2.”

“We are pleased to partner with a group of world-class investors to buy one of the nation’s best student housing operators and developers. EdR has one of the highest quality and best located student housing portfolios in the U.S., and it will seed Greystar’s newly formed flagship student housing-focused perpetual-life fund. We are excited to capitalize on our significant scale and experience to enhance the platform’s performance and value over the long term,” said Bob Faith, the Founder, Chairman and Chief Executive Officer of Greystar. “EdR’s ONE Plot on-campus platform is an integral component that drove our interest and we are excited about the continued on-campus growth opportunities it provides. Combined, we will leverage our expertise, vision and financial strength to serve our current university partners as well as further expand our global student housing footprint. We believe in the long-term fundamentals supporting the sector and will continue to seek out opportunities to invest in student housing.” 

The transaction, which is currently expected to close in the second half of 2018, is subject to customary closing conditions, including the approval of EdR’s stockholders, who will vote on the transaction at a special meeting on a date to be announced. The transaction is not contingent on receipt of financing by Greystar. 

In conjunction with the above transaction and subject to normal closing conditions, a joint venture between an affiliate of Blackstone Real Estate Income Trust, Inc. (“BREIT”) and an affiliate of Greystar will buy a portfolio of off-campus student housing assets, which are located adjacent to top-tier university campuses. The newly combined Greystar/EdR team will continue to manage the assets.   BREIT is a perpetual-life, monthly NAV REIT that, pro forma for this transaction, will own an approximately $10 billion portfolio of stabilized, income generating real estate concentrated in U.S. markets with attractive growth as well as real estate debt securities. 

Under the Merger Agreement, EdR will discontinue its regular quarterly dividends. But, if the transaction is completed after October 15, 2018, EdR stockholders will receive a per diem amount of approximately $0.00435 per share for each day from October 15, 2018 until (but not including) the closing date.  

BofA Merrill Lynch is serving as exclusive financial advisor, and Morrison & Foerster LLP and Venable LLP are serving as legal advisors to EdR. J.P. Morgan Securities LLC is serving as exclusive financial advisor, and Hogan Lovells US LLP and King & Spalding are serving as legal advisors, to Greystar. 

JPMorgan Chase Bank, N.A. has provided a commitment letter to Greystar’s newly formed fund for debt financing for the transaction upon the terms and conditions set forth in such letter. 

Citigroup Global Markets Inc. and TSB Capital Advisors are acting as financial advisors to BREIT, and Simpson Thacher & Bartlett LLP is acting as legal advisor to BREIT.

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HOUSTON, TX – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Discovery at Mandolin Apartments in Houston, TX. Peter Calatozzo, Managing Director of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

“This is an exciting opportunity for Praedium, as we were able to buy the asset at an attractive basis relative to replacement cost, in a market with favorable supply and demand dynamics,” said Calatozzo. “The Houston market is experiencing a significant deceleration in multifamily deliveries, and the Cypress/Fairbanks submarket in which Discovery is located has no projects under construction in the near term.  As a result, the area is expected to see above national average rental growth over the next five years.” 

Mr. Calatozzo continued, “the acquisition of Discovery at Mandolin fits well within our strategy of purchasing high quality assets in growth markets.  Harris County continues to be one of the fastest growing counties in the U.S. and job growth projections for the Houston MSA remain strong.”    

“As part of our business plot, we intend to implement a capital improvement program which involves upgrading the common areas and unit interiors in order to enhance the tenant experience at the property,” added Justin Berardino, Analyst of the Praedium Group.   

Built in 2009, Discovery at Mandolin consists of 10, three-tale apartment buildings and one clubhouse/leasing office. The Property’s unit mix consists of one-, two-, and three-bedroom homes with an average size of 972 square feet.  The apartments have nine-foot ceilings, kitchen islands, walk-in closets, and full-size washers and dryers.  Residents delight in a diverse amenity package consisting of a resort style swimming pool, fitness center with fitness on demand, dog park with washing station, clubhouse with media room and cyber café, and an outdoor grilling station with TV. 

Discovery at Mandolin is located in suburban Northwest Houston and offers residents convenient access to nearby retail, including Vintage Park Shopping Village (a lifestyle shopping center with over 20 restaurants and 17 high end retailers), Whole Foods, and Willowbrook Mall, and a diverse set of employers across the healthcare, energy, technology, and higher education industries.  The Property is part of the highly rated Cypress-Fairbanks Independent School District.  Discovery at Mandolin boasts high drive-by visibility due to its location near Tomball Parkway, with connectivity to the greater Houston MSA via the Sam Houston Tollway, Interstate 45, and the Grand Parkway.

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