ANN ARBOR, Mich., Sept. 8, 2009 (GLOBE NEWSWIRE) -- The Courtyards Student Apartments plans to celebrate completion of the third and final phase of the 896-bed, off-campus community with a welcome party for residents and their invited guests on Thursday, September 10.
The celebration runs from 5 p.m. to 8 p.m. at The Courtyards, 1780 Broadway, adjacent to the North Campus of the University of Michigan.
High-energy rockabilly band Billy Mack and the Juke Joint Johnnies is set to perform. Ann Arbor's 107one FM has scheduled a live remote broadcast. Carlson Catering Company plans to provide a savory barbeque buffet. In addition, residents of The Courtyards who made successful referrals are eligible to compete for cash prizes totaling $3,000.
"We broke ground two years ago with a vision of a premier off-campus community to serve students at one of America's premier universities," said James S. Lee, senior principal, Kensington Realty Advisors, Inc., which represents the ownership of The Courtyards through an affiliated company. "Our vision has now taken shape. It is a beautiful place. And we are pleased it has been so well received by so many discerning students at the University of Michigan."
The first phase of The Courtyards opened in August 2008 with 282 beds. The second building opened in May 2009 with 298 beds. Crews finished the third building in August and residents started moving in during the past week.
The Courtyards features three, four-story buildings in an amenities-rich community of private bedroom-private bathroom apartments in one, two, three and four-bedroom floor plans. The fully furnished apartments provide full-sized kitchens with all appliances, in-unit washers and dryers, granite countertops, clerestory windows, leather furnishings, high-speed Internet and satellite television and are available through individual leases. Amenities include park-like courtyards, gas grills and picnic areas, outdoor badminton court, fitness center, quiet study and meeting rooms and a mini-movie theater with surround sound, among others.
Leasing continues for the dwindling number of available units. One-bedroom and two-bedroom units configured for single occupancy are almost completely leased. The Courtyards is proving to be a popular choice among grad students in engineering, art, architecture and music and among international students and undergrads who want off-campus amenities with close-to-campus convenience.
"When we broke ground we believed that The Courtyards would benefit students, the university and the town of Ann Arbor in tangible ways for years to come," said Lee. "We brought high-quality student housing to a market where little had been built in decades and others quickly followed our example."
The Courtyards broke ground in the spring of 2007. Shortly thereafter, a variety of other student housing initiatives took shape, including the publicly owned $175 million North Quad Residential and Academic Complex on campus, and two separate privately held 10-story apartment projects in Ann Arbor, among others.
The Courtyards is owned by Ann Arbor Campus Housing, LLC, an affiliate of Kensington Realty Advisors, Inc., a registered investment advisor which provides real estate investment management and advisory services to institutional and corporate clients from its office in Chicago.
The Courtyards is managed by Allen & O'Hara Education Services, Inc., the property management subsidiary of Education Realty Trust, Inc. (NYSE: EDR), a self-administered, self-managed real estate investment trust which owns, develops and manages high-quality student housing communities throughout the United States.
Kensington's affiliate Kensington/Marquette Partners, LLC and Education Realty Trust subsidiary Allen & O'Hara Development Co., LLC jointly developed The Courtyards.
"This is a magnificent student community and quite appropriate for the Michigan students it serves," said Tom Hickey, senior vice president of Allen & O'Hara Education Services, Inc. "It was designed with rich architectural details, built with amenities students want today and is managed by high-touch professionals who support our residents through a variety of campus life and self-improvement programs."
"Our residents enjoy the quality of life at The Courtyards," said Hickey.
About Kensington Realty Advisors
Kensington Realty Advisors, Inc. is a Registered Investment Advisor providing investment management and advisory services, primarily to institutional and corporate owners. Kensington is composed of a team of highly experienced real estate professionals with extensive backgrounds in real estate investment and management and specializes in investing in industrial, multi-family, student and senior housing. Kensington is headquartered in Chicago, Ill. Additional information is available at www.kra-net.com.
About Education Realty Trust, Inc.
Education Realty Trust, Inc. (NYSE:EDR) is a self-administered, self-managed real estate investment trust that owns, develops and manages high-quality student housing communities throughout the United States. As one of America's largest owners and operators of collegiate student housing, the Memphis, Tenn.-based company has ownership and management interests in 65 properties with 38,143 beds in 21 states.