MEMPHIS, TN – EdR one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, announced that at the special meeting of EdR stockholders, stockholders voted to approve the proposed merger of EdR with GSHGIF REIT, an affiliate of Greystar Real Estate Partners, pursuant to the merger agreement dated June 25, 2018. 

Approximately 99.90% of the votes cast at the special meeting voted in favor of the approval of the merger, which represented approximately 83.95% of EdR’s total outstanding shares of common stock as of the August 10, 2018 record date for the special meeting.

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 in a prior statement. “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 this 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 in a prior statement. “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.”

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.

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BETHESDA, MD – Walker & Dunlop, Inc. announced that it structured $69,939,000 in Fannie Mae financing for the acquisition of three multifamily properties: Ivy Commons Apartments in Atlanta, Georgia; Axis 147 and Mayton Transfer Lofts, both located in the Richmond, Virginia metropolitan area. 

Andrew Tapley and Alexandra Huffman of Walker & Dunlop’s Multifamily Finance group led the team in arranging acquisition financing for the borrower, Capital Square 1031.

Drawing on their deep understanding of Fannie Mae’s programs, the team was able to rate lock two of the loans in less than 14 days from application and close one financing within 30 days. The team’s ability to swiftly provide debt solutions allowed the borrower to do on its business plot of growing a robust multifamily portfolio in the Southeast.

Each of the three properties in the portfolio are well-located assets with highly regarded local schools, shopping centers, dining options, entertainment venues, as well as public transportation and major thoroughfares to access neighboring employment hubs. 

“The team at Walker & Dunlop provides a seamless approach to loan underwriting. They are quick, efficient, and practical. We are all on the same page and are able to close loans in a timely manner. Also, the Green Rewards Program is a powerful value-add with the Fannie Mae loan program. We can’t imagine ever going with anyone except Walker & Dunlop; the quality, service, and pricing are that excellent,” said Louis Rogers, founder and CEO of Capital Square 1031.

“We were pleased to partner with Capital Square 1031 to provide financing on yet another fantastic group of investment properties,” said Mrs. Huffman. “Since the beginning of our relationship in 2016, we’ve witnessed meaningful growth both in the Capital Square portfolio and in the broader multifamily landscape – all thanks to favorable economic conditions, job growth, and rising population in many markets.”

Located in the heart of historic Ancient Towne Petersburg, Virginia, Mayton Transfer Lofts was built in 1911 and represented a particularly unique assignment for the team. The property underwent comprehensive renovations from 2007 to 2012 to transform the industrial asset into a distinctive multifamily community. The developer maintained the historic aspects of the property, which now comprises 225 units with exposed brick, hardwood or concrete floors, high ceilings, and original beams. Both Mayton Transfer Lofts and Ivy Commons Apartments qualified for Fannie Mae’s Green Rewards program, providing additional loan savings to the borrower.

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SEATTLE, WA – Freshwater Investments has finalized the buy of the Bradford Park Apartment Homes, a 100-unit property in Lynnwood, Washington. This is the third acquisition by Freshwater in the area, with the other two being The Lighthouse in Kent and The Stinson in Everett. 

Built in 1989, with only 25% of units remodeled by the previous owner, Bradford perfectly aligns with the Freshwater value-add strategy.

Alex Rozenfeld, Founder and Managing Partner of Freshwater Investments, said: “We are in business of making the best opportunities for our investors. Analyzing potential investment projects, we do our homework, leaving no stone unturned. Bradford is undoubtedly a high potential property and was received with much enthusiasm by our investors, which in turn allowed us to have a record small fundraising period. I see every project we undertake as an opportunity to grow and try new things. Bradford, for example, allowed us to partner with a family office, which is a new and exciting development for Freshwater Investments.”

16 miles North of Seattle, 10 miles away from Boeing’s Everett’s Factory (the largest manufacturing facility in the world) and 2 miles from the future light rail station (construction beginning in 2018), Bradford offers a convenient commute to some of the largest employers in the region. Boeing’s Paine Field, the local airport and the major employer, is about to open for commercial flights to 8 cities, which is likely to boost the economy in the area. 

Bradford Park Apartments will undergo significant renovations including exterior, landscaping, redesigned and upgraded communal spaces, as well as units remodeling. To give the property a truly new start it will be renamed and rebranded.

“We are excited to have a new brand concept already developed, and will start working straight away on bringing it to life”, said Rozenfeld. “In addition to making value for our investors, we also feel responsibility for building better communities that enrich our residents’ lives. In the renovations plans we’re putting emphasis on inviting and functional communal spaces, encouraging social interactions and offering additional resources. We’ll have a community library and a dog park, and are exploring options to offer a community garden.” 

The Seller in the Bradford Park transaction was Hamilton Zanze. Ashlee Pierce, Director of Transactions at Hamilton Zanze commented: “There was solid execution by all parties making for a smooth transaction. We are pleased with the outcome and glad to have worked with Freshwater again”.

Bradford Park acquisition was brokered by Ben Johnson, Director of Investment Sales at Berkadia, who said, “It was a pleasure working with Freshwater, as they expand their footprint in the Pacific Northwest.  Alex and his team performed flawlessly on their execution.  We are excited to work with them again”.

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