Joint Venture to Develop $39M Luxury Student Housing Community at The University of Mississippi
- Aug 03, 2012
Oxford, Miss.—Carter, a development and investment firm, and Chance Partners, a real estate firm, announced that they were going to develop a $39-million student housing community at the University of Mississippi in Oxford, Miss. When completed in the summer of 2013, the community will provide 750 beds for students.
The student housing mixed-use development, called The Highlands, will feature 15,000 square feet of retail space, as well as a clubhouse an a mixture of apartments, townhouses and cottages. Each unit will have private bathrooms for every bedroom, gourmet kitchens, in-unit washers and dryers and balconies or porches.
According to Andy Feinour, senior vice president, Carter, the community will also feature luxury amenities to appeal to all the students.
“The project will feature three pools, an amphitheater, fitness trails, a basketball court, a sand volleyball court, fitness center, tanning salon and business center, among other amenities,” he tells MHN. “These amenities will be distributed throughout the development allowing residents to live near the things that they are most attracted to.”
The Highlands will also feature a coffee shop, carwash and dog park
“The entire community is being designed to facilitate a true live, work, play environment similar to other leading new urbanism communities like Rosemary Beach and Seaside,” Feinour says.
On top of the luxury amenities, which are a bit unusual for student housing developments, Feinour believes that the current market is right for student housing.
“Industry fundamentals are strong for student housing with continued enrollment growth, high occupancy rates, strong rental rate growth and a growing imbalance between supply and demand in certain markets,” Feinour says. “Ole Miss is a great example of a very strong micro-market.”