DENVER–As previously reported by GlobeSt.com, a public-private partnership is bringing housing for students and faculty at the Auraria campus Downtown. More details of the financing plan, however, are just emerging.

Education Realty Trust Inc., based in Memphis, completed the $50-million bond issue that will finance the construction of the housing at the Auraria Higher Education Center, a campus for the University of Colorado at Denver, Metropolitan State College and the Community College of Denver. Auraria serves more than 34,000 students.

Construction has started on the 685-bed Campus Village Apartments, which are scheduled to open in August 2006. The apartments will be at the corner of 4th and Walnut, immediately adjacent to the Auraria Campus. Education Realty Trust has partnered on the initiative with Urban Ventures LLC, a real estate company specializing in loft housing, mixed-use and historic renovation in Denver, which is headed by Susan Powers. Allen & O'Hara Education Services Inc., a subsidiary of EDR, will manage Campus Village when it is complete.

RBC Dain Rauscher Corp., a wholly owned subsidiary of Royal Bank of Canada, led the financial team on the bond issue, which closed in late May. The Colorado Educational and Cultural Facilities Authority is the issuer. Campus Village Apartments LLC, whose sole member is the University of Colorado Real Estate Foundation, is the borrower.

Education Realty Trust is one of America's largest owners and operators of collegiate student housing, owning and/or managing approximately 28,000 beds at 41 properties near campuses across America and developing another 4,851 beds. EDR is one of the largest real estate investment trusts focused solely on collegiate student housing.