Collegiate housing developer-operator EdR said it will use a portion of a recent $239 million equity raise to finance the fourth phase of its Mansfield apartment complex near UConn’s Storrs campus.
The publicly traded Tennessee company closed its stock offering Tuesday, and will use $171 million for two acquisitions and two ongoing developments, including Oaks on The Square apartments in Storrs Center.
A spokeswoman for EdR, which is also known as Education Realty Trust, said the third phase of the project — which includes 92 apartments — is set for an August debut. The $45 million fourth phase, which will include 204 apartments, is in the early stages and slated for a 2015 completion.
The total number of units after phase four will be 618.
Storrs Center master developer Leyland Alliance LLC, which first recruited EdR in 2010, will develop and own 35,000 square feet of commercial space on the ground level of the development.
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