MEMPHIS, TN - EdR, one of the nation’s largest developers, owners and managers of collegiate housing, today announced the closing of financing and commencement of construction on a $37.6 million collegiate housing community near the University of Mississippi in Oxford, Miss. with its joint venture partner, Landmark Properties.
The joint venture secured a conventional 75% loan-to-cost construction loan from PNC Bank. EdR is the majority owner and will manage the community upon its fall 2013 completion.
Construction has begun at 2405 Anderson Road in Oxford, Mississippi on this community of 160 two-, three-, four- and five- bedroom cottages. Landmark Properties is developing and constructing the 668-bed cottage-style housing, which will be the first collegiate housing of this type serving the University of Mississippi. This project gives Landmark Properties 3,500 beds currently under construction, with another 1,200 beds scheduled to break ground later this summer.
“We are excited to break ground on the first cottage community at the University of Mississippi,” said Randy Churchey, president and chief executive officer of EdR. “This college community is the ideal location for the cottage concept.”
“We are fortunate to have a great partner like EdR as we take the cottage concept to markets across the country,” said Wes Rogers, president and chief executive officer of Landmark. “We think this cottage development will be very well-received by the students at Ole Miss.”
The cottage community creates a neighborhood lifestyle unique to traditional student housing apartments. Students are provided with a sense of individuality and privacy and also open spaces like outdoor living areas, green spaces, resort-style pool, sand volleyball court, horseshoe pits and a clubhouse, to help residents make friends and enhance their college experience. The clubhouse will offer a fitness center, tanning beds, internet café, private and group study rooms, computer lounge, game room, golf simulator and a fully equipped community kitchen.
Each cottage will feature a private bathroom for each bedroom, large closets, a full-size washer and dryer, 9-foot ceilings, carpet, ceramic tile and hardwood-style vinyl floors and high-speed internet/cable. All appliances are included in the spacious gourmet kitchen.
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 university’s history and represents a 7% increase over the previous year. 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 62 communities in 23 states with more than 34,600 beds within more than 11,200 units.