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Contact:
Kensington/Marquette Partners, L.L.C.
James Smith
312.993.7800
Memphis, Tennessee - March 28, 2007 – Education Realty Trust, Inc. (NYSE: EDR) and Kensington Realty Advisors, Inc.
today announced that construction has started on a new 896-bed, off-campus student apartment community adjacent to the
University of Michigan's North Campus in Ann Arbor, Michigan.
The collegiate community, known as The Courtyards, will feature one-bedroom/one-bathroom, two-bedroom/two-bathroom, three-bedroom/three-bathroom and
four-bedroom/four-bathroom apartments, in a series of three, five-story buildings located immediately adjacent to the university's North Campus.
Kensington affiliate Kensington/Marquette Partners, LLC and EDR subsidiary Allen & O'Hara Development Company, LLC are developing the community jointly
for Ann Arbor Campus Housing, LLC, a Kensington affiliate, which is the owner of the community.
"We are pleased to break ground today on a new, off-campus collegiate community which will benefit students, the university and the town of Ann Arbor in tangible ways for years to come,"
said James S. Smith, managing principal of Kensington Realty Advisors, Inc., an SEC-registered investment advisor which provides real estate investment management and advisory services to
institutional and corporate clients from offices in Chicago and Corona Del Mar, California.
"The Courtyards has an excellent location next to one of America's premier universities. The community has been designed to accommodate the needs of today's students and is packed with
amenities," said Allen &O'Hara Development Company Senior Vice President Tom Trubiana. "We have an absolutely top-notch development and management team to bring these plans to life.
This is a magnificent project and we're pleased to be able to contribute to its success."
The development team includes architect Neumann Smith & Associates of Southfield, Michigan, a premier designer of university facilities during the past decade; Midwestern Consulting,
an Ann Arbor-based engineering firm; and site development contractor Sunset Excavating Inc. of Livonia, Michigan.
The Courtyards is under construction off Plymouth Road near the intersection of Plymouth Road and Broadway Street. Construction is scheduled for completion in the fall of 2008 and
leasing is scheduled to begin late this year.
Planned amenities at The Courtyards in Ann Arbor include:
private bedrooms, bathrooms and individual leases for each resident
fully furnished apartments with full-sized kitchen appliances
washers and dryers in each apartment
park-like courtyards
a cyber café
recreational facilities
tanning capsules
quiet study and meeting rooms
high-speed Internet access
cable television
convenient access to city and campus transportation
music practice room with a piano
outdoor badminton court
mini movie theater with surround sound for residents use
Presently, Allen & O'Hara Development Company has ten projects with 8,378 beds under construction or in development in five states.
About Education Realty Trust
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 U. S. Led by a team with more than 170 years of shared industry
experience, EDR is one of America's largest owners and operators of collegiate student housing. Its portfolio includes 40,742 beds
at 66 communities in 21 states. For more information please visit the company's Web site at www.educationrealty.com.
About Kensington Realty Advisors
Kensington Realty Advisors, Inc. is a SEC Registered Investment Advisor providing investment management and advisory services
relative to multi-family, industrial, senior and student housing properties. Acting strictly as a fiduciary, the primary clientele
includes institutional and corporate owners. The firm is composed of a team of highly experienced real estate professionals with
extensive backgrounds in real estate investment and asset management. In addition, Kensington is the co-owner of Kensington/Marquette
Partners LLC and KMF Senior Housing Investors LLC. Find additional information on the Web at www.kra-net.com.
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