Mississippi Student Housing Asset Commands $17M
DLP Real Estate Capital bought the 366-bed property, which underwent renovations under previous ownership.
DLP Real Estate Capital has bought Lafayette Place, a 366-bed student housing property in Oxford, Miss., for $16.5 million. Newmark arranged the transaction on behalf of the seller, Campus Advantage.
The 234-unit community is subject to a $14.5 million loan provided by Acres Capital Debt Funds in May. The loan is set to mature in 2024, Yardi Matrix data shows.
Located at 1711 Anderson Road, near the University of Mississippi, Lafayette Place underwent a refurbishment program under the previous ownership. The property features fully furnished one- and two-bedroom floorplans with a 100 percent bed-to-bath parity.
Enhanced community amenities include a clubhouse, saltwater pool, outdoor grilling area, beach volleyball court, computer lab with study areas and 24-hour fitness center.
Vice Chairman & Head of Newmark’s Student Housing group Ryan Lang, along with Senior Managing Director Bo Flurry and Associate Director Jack Brett, brokered the deal.
In March this year, DLP acquired a four-property portfolio totaling more than 1,000 units of workforce housing in Mississippi and Alabama.