Education Realty Trust (EDR – Free Report) recently announced the completion and unveiling of Sycamore Suites — the new on-campus residence hall of East Stroudsburg University of Pennsylvania.
The university had entered into a long-term partnership with Education Realty to build high-quality housing compounds on its campus. In 2012, the company closed the first leg of this project by completing the Hawthorn and Hemlock Suites. Now the delivery of the Sycamore Suites marks the completion of the multi-phased on-campus housing revitalization project in the university.
The newly opened hall encloses two- and four-person suites, accommodating 496 beds. Each unit is air conditioned, with in-built closets, carpet, a kitchenette and a semi-private bath. The compound has various amenities like study rooms, laundry facilities, a large lounge with fireplace, computer labs, and high speed Internet. In addition, the building has three kitchens and Wi-Fi services as well.
Education Realty is one of the nation’s largest developer, owner and manager of student housing communities. In 2017, the company is set to deliver third-party developments worth nearly $100 million, adding around $300 million to its own asset portfolio.
Moreover, student housing REITs have decent opportunities to excel in the coming years as demand is emanating for on-campus developments from universities that are facing state budget cuts and low funds, and are incapable of developing or renovating their ageing housing properties. And on-campus housing usually enjoy full occupancy.
However, shares of the company have lost 9.1%, while the industry climbed 5.7%, year to date.
Education Realty currently carries a Zacks Rank #4 (Sell).
Stocks to Consider
Investors can consider better-ranked stocks in the REIT space like InfraREIT, Inc. (HIFR – Free Report) , PS Business Parks, Inc. (PSB – Free Report) and Communications Sales & Leasing, Inc. (UNIT – Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
While InfraREIT and PS Business Parks have long-term growth rates of 8% and 5%, respectively, Communications Sales & Leasing has expected long-term growth rate of 7.5%.
4 Surprising Tech Stocks to Keep an Eye On
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without.
More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really takes off.
See Stocks Now>>