Martin Place was recently purchased by Education Realty Trust, Inc., as part of a property acquisition worth $195 million.

The announcement of the sale-lease transaction took place September 14.

Under this transaction, EDR plans to acquire the properties for a combination of cash, limited partnership units and assumed debt of approximately $98.7 million. Place Properties plans to lease back and operate the properties under a lease agreement with EDR.

This purchase is said to secure EDR’s Memphis-based position as a leader in is market with 25,395 owned beds, 8,777 beds managed for third-parties and 4,851 beds currently under development.

Education Realty Trust is one of America’s largest owners and operators of collegiate student housing, owning and or managing approximately 28,500 beds at 42 properties near campuses across America.

“This is a major advancement for our young company, “said Paul O. Bowe, EDR’s chairman, chief executive officer and president. “We became a public company only seven months ago and simultaneously acquired 14 properties. We brought them in successfully, drove leasing and occupancy up, improved their operations and enhanced the portfolio’s value. Now, we are doing it again. This is a real testimonial to our approach and to the strengths of our team.”

Among the 13 properties acquired as part of the sale are Murray Place (Murray State University) and Western Place (WKU). Place Properties, who is the current owner of the properties, primarily focuses on the Southeastern U.S. market.

A typical layout for a Place Properties apartment is four private bedrooms emptying into a commons area. Most facilities, including Martin Place, includes a full kitchen. Internet access is also available.

Martin Place houses up to 384 people.

Beginning last year, the UTM Office of Housing made an agreement with Martin Place allowing students to live in the apartments while still maintaining their housing obligation. Thus, Martin Place is now considered “on-campus.”

Cecil M. Phillips, Place Properties chairman and chief executive officer, also characterized the agreement as significant.

“When we contemplated a sale of our owned portfolio, our buyer of choice was EDR. EDR’s people are the industry’s most experienced, and possess tremendous depth, insight and management savvy.

We are delighted to continue to manage the portfolio on behalf of EDR.”

The transaction, although subject to the satisfaction of specific stipulations, is expected to close in the fourth quarter of 2005.

Martin Place tenant, Audrey Bryant says that this is the first time she heard of the purchase agreement, and she hopes to learn more from Martin Place administrators about how this purchase agreement will affect current and future tenants of Martin Place soon.