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University of Kentucky BOARD OF TRUSTEES APPROVE FIFTH PHASE OF EDR'S ON-CAMPUS HOUSING EXPANSION Lexington, Ky. — The University of Kentucky Board of Trustees has approved the next phase of the university's on-campus housing revitalization that will bring the total number of beds delivered or currently under development to 6,504. Scheduled for completion in 2017, University Flats will be com- posed of a seven-story building at University and Complex drives on the University of Kentucky's Lexington campus. Designed to provide separate living communi- ties for upper-level undergradu- ate students, and graduate and professional students, it will pro- vide 771 beds in 312 apartments in various styles and sizes, from stu- dios to four bedrooms. Each apart- ment will include furnishings and a full kitchen. EdR will fnance the previously announced $74 mil- lion development through its On- Campus Equity Plan — The ONE Plan — which uses the company's equity and fnancial stability to fund projects on university land. This program gives the univer- sity access to a single partner, and helps create long-term fnancial benefts for EdR and UK. EdR will provide fnancing, oversee devel- opment and construction, and will be responsible for maintenance and management, while UK pro- vides residence life services. The University of Kentucky's revital- ization began in late 2011 when the UK Board of Trustees saw an opportunity for investment in student success by enhancing the undergraduate experience with new living-learning communities. By spring 2012, UK and EdR for- malized a partnership and broke ground on the frst phase — a 601- bed community dedicated to UK's Honors program and students — that opened 16 months later in August 2013. Since then, EdR and UK have opened new communi- ties each year: In 2014, fve build- ings with 2,381 beds opened; three buildings with 1,610 beds are on schedule to open this summer. On schedule to open in 2016 are two buildings with 1,140 beds. New development Mixed-Use www.universitystudentliving.com 855-255-4181 JOINT VENTURE PARTNERSHIPS Re-development Management Financing WHAT CAN YOU EXPECT FROM A 4 YEAR OLD ? 3,313 units 8,009 beds and a $4B pipeline That is exactly what our 4 year old company achieved due to our solid foundation of being a company of The Michaels Organization and having a dedicated leadership team with over 200 years of combined student housing experience. Discover how our talent, resources and unmatched flexibility make for a very remarkable and repeatable way to do business. In short, we play well with others. CAMPUS UPDATE JULY/AUGUST 2015 19