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Acquisitions

Greystar buys EDR

College housing REIT owns more than 42,300 beds

Greystar Chairman/CEO Bob Faith and Riverstone CEO Terry Danner
(Credit: Greystar)

Greystar Real Estate Partners is buying EdR, a college-housing real-estate investment trust, for about $3.2 billion. Student housing properties remain piping hot!  

By the numbers: EDR owns or manages 79 student-housing properties with with more than 42,300 beds at 50 universities in 25 U.S. states, according to the WSJ and a statement on the company’s website. EdR’s portfolio is approximately 40 percent on-campus housing, with the rest positioned off campus.

Heard on the Street: Global investment in the student-housing sector climbed to a record $16.4 billion in 2016. Greystar believes in the long-term fundamentals supporting the sector.

Be Smart: REIT analyst, Alex Goldfarb explains the other half of the story… “REITs are under pressure due to concerns over outgoing cash flows, rising interest rates and growth opportunities elsewhere… Given where REIT stocks are trading overall, privatization of REITs is becoming more likely.”

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