The District apartment in Tempe was recently bought for reportedly $91 million by Education Realty Trust. The District apartment complex is located on Apache and Rural Road in Tempe. (Photo by Ryan Liu)Collegiate housing giant EdR purchased The District on Apache for $91 million, one of ASU’s largest off-campus student housing facilities, in mid-September.
EdR, a publicly traded real estate investment trust based out of Tennessee, is well-known for its highly successful development and investment strategy, which includes owning best-in-class communities located as close as possible to large universities with robust enrollments.
Susan Jennings, vice president of corporate communications and marketing at EdR, said in an email that ASU's students are sophisticated and demand the type of upscale community that EdR provides.
The District on Apache — with its upscale amenities, attractive design and location adjacent to a premier university — is a prime example of the type of asset EdR wants in its portfolio, Jennings said.
Biochemistry junior Jessica Moushon, a resident at The District, said living there has been a luxury experience with few downfalls.
“(The District) definitely met my expectations of living, because it was such a nice complex,” Moushon said. “It had all the utilities, such as trash, sewer and cable which were included in the rent, as well as all the appliances which were in decent shape. The only issue I might say is that the Internet goes down a lot.”
Jennings said the company plans on keeping up maintenance on the property but doesn't have any long-term goals for it.
The District on Apache is a new, comparatively large collegiate community that will benefit from EdR's long-term management and ownership, Jennings said.
Maintaining the property and its reputation as a great place to live will help ensure its long-term value for its current and future residents, she said.
Jennings also said EdR has undergone extensive research into the property, taking note of the areas that could be improved or expanded on in the near future.
After reading resident surveys and talking with The District on Apache management team, the EdR team realized residents would benefit from a variety of Internet upgrades, such as re-engineering the wireless infrastructure, Jennings said.
Residents and visitors of The District have long awaited the improvement on the wireless Internet.
Healthy lifestyle coaching junior Courtney Cohea works as a leasing professional at The District and said the enrollment has been very strong this year.
“For the fall 2014 - spring 2015 school year, all of The District’s 900 bed spaces are occupied," Cohea said. "Included in the rent are all utilities, except for electricity, which is split between roommates.”
Cohea explains her position as a leasing professional at The District came with many complaints about the Internet service.
“I have been living at The District since fall 2013, and between working and living here, the most common complaint from residents has been with the Internet,” Cohea says. “The Internet provider is currently Pavlov, however, we will soon be upgrading to Elauwit.”
Reach the reporter at Jlsuerth@asu.edu or on Twitter at @SuerthJessica
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