MEMPHIS, TN - EdR, one of the nation’s largest developers, owners and managers of collegiate housing, has executed agreements with Landmark Properties to develop, own and manage a $36 million collegiate housing community near the University of Mississippi in Oxford, Miss. EdR will be the 70% majority owner and will manage the community upon its fall 2013 completion. Landmark Properties is developing and constructing the housing, which will be owned jointly by the two companies. Construction is expected to commence this spring.
“Landmark has pioneered the cottage-style collegiate community concept and built an excellent reputation for innovative, attractive and quality products,” said Tom Trubiana, EdR executive vice president and chief investment officer. “We are excited to partner with them in this unique development.”
The cottage community creates a neighborhood lifestyle unique to any traditional student housing apartments. While still affordable, the cottage architecture provides students with a sense of individuality and privacy. With amenities such as expansive outdoor living area, green space and resort-style pool and clubhouse, this community will offer an upscale lifestyle at prices near its off-campus competition. The clubhouse will offer a fitness center, tanning beds, internet café, private and group study rooms, computer lab, game room with gaming systems and a fully equipped community kitchen. There will be much to do outdoors with a large, multi-tiered swimming pool, sand volleyball, horseshoe pits and green space.
Construction is expected to commence in spring 2012 for a fall 2013 completion. This off-campus community will consist of 160 residential homes with 668 beds. Each cottage will feature a private bathroom for each bedroom, large closets, a full-size washer and dryer, 9-foot ceilings, built-in bookcases, carpet, ceramic tile and hardwood-style vinyl floors and high-speed internet/cable. All appliances are included in the spacious gourmet kitchen.
The development site is approximately one mile west of the University of Mississippi and in an area that is primarily residential.
The University of Mississippi is a four-year, public institution founded in 1844 in Oxford, Miss., which consistently appears in lists of the top college towns in the nation.
The fall 2011 enrollment of 16,586 was the largest in the Oxford campus’ history and represents a 7% increase over fall 2010. Since 2000, overall enrollment at the University of Mississippi has increased by 45%, representing an average annual increase of approximately 475 students.
The University of Mississippi does not publish enrollment projections; however — based on recent historical performance — EdR expects enrollment growth of approximately 4% for the next few years. This growth rate would increase enrollment by more than 1,560 students when this community is completed in fall 2013.
EdR (NYSE: EDR) is one of America's largest owners, developers and managers of collegiate housing. A self-administered and self-managed real estate investment trust, EdR owns or manages 60 communities in 23 states with more than 34,200 beds within more than 11,100 units.