It’s the third acquisitions the REIT has made so far this fall. In September, it bought the 728-bed Province near East Carolina University in Greenville, SC for $50 million, followed by the October purchase of the District on 5th, a 764-bed community near the University of Arizona, for $66.4 million

EdR is also in the process of assuming $49.5 million of debt related to the $74.8-million purchase of two communities totaling 866 beds near Texas Tech University. That transaction is due to be completed in the fourth quarter.

The firm is also under agreement with the University of Kentucky for the second phase of a campus housing revitalization project that will encompass several years and 9,000 beds. The plan’s Phase II calls for four communities with 2,317 beds and total estimated project costs of $133.7 million. These residences are slated to open in the summer of 2014.

“The transformation of our portfolio of communities continues to evolve as we further work to position EdR to outperform in this growing industry,” says Randy Churchey, president and CEO. The company has shed 35% of the properties in its portfolio since early 2010 and since then, has bought $468 million of communities and completed $91 million of new developments to our portfolio. It has another $343 million worth of new projects slated for delivery in 2013 and 2014. “The culmination of these transactions has reduced our median distance from campus to 0.2 miles from 1.3 miles, increased our average rental rate by 20% to $562 per bed and continues us along the path of adding well-located quality assets to our portfolio.”