Source: Nelson Brothers / #Student #Housing
OXFORD, MS - Southern California-based Nelson Brothers Professional Real Estate recently closed on the purchase of Molly Barr Trails and Molly Barr Ridge, two adjacent student housing properties near the University of Mississippi.
The properties were recently built (2012 and 2015 respectively) and fully amenitized. At the time of purchase, both properties were at 100% occupancy with 12-month leases. The offering was offered as a DST (Delaware Statutory Trust) structure and eligible for 1031 investors.
Combined, the two properties have 125 units and 303 beds with 152,800 square feet. Each unit features a bathroom and bedroom for each student, nine-foot ceilings, washers and dryers, modern appliances and furnished common areas. Additional amenities include a pool, lounge, fitness center and surface parking with spots for each student. The properties are among some of the closest to Ole Miss and also near a hiking and biking trail.
“We’re really pleased with the strong performance of this property and considering that it’s a relatively new acquisition, this has already become a showcase in our portfolio,” stated co-owner and Chief Marketing Officer Brian Nelson. “We have found that Ole Miss has been a great draw for us based on the growing enrollment and with our first acquisition of Taylor Bend. “We believe that the university will continue a slow but steady growth and with limited new projects in the works, occupancy rates will tighten as demand continues to grow.”
Molly Barr was offered as a DST (Delaware Statutory Trust) structure and eligible for 1031 investors. The initial total offering price to investors for the two properties was $25,777,637 of which approximately $11.2 million came from investor equity.
This was Nelson Brothers’ 27th equity raise since their founding in 2007. To date, the firm has raised over $175MM from over 900 investors through the registered investment advisor and broker dealer marketplace.