OXFORD, MSâ€”Memphis, TN-basedÂ Education Realty TrustÂ joined forces withÂ Landmark PropertiesÂ to develop the first cottage-stylestudent housing propertyÂ that will serve students attending theUniversity of Mississippi. To that end, the joint venture has secured financing fromÂ PNC BankÂ and has launched construction on the 668-bed student housing project, which is scheduled for a fall, 2013 completion.
The as-yet-unnamed project is located at 2405 Anderson Rd. and will consist of 160 two-, three-, four- and five-bedroom cottages. Each cottage will feature a private bathroom for each bedroom, large closets, a full-size washer and dryer, nine-foot ceilings, carpet, ceramic tile and hardwood-style vinyl floors and high-speed internet/cable. All appliances are included in the units'Â gourmet kitchens.
â€œWe are excited to break ground on the first cottage community at the University of Mississippi,â€ saidÂ Randy Churchey, president and chief executive officer of EDR in a press release announcing the construction launch. â€œThis college community is the ideal location for the cottage concept.â€
â€œWe are fortunate to have a great partner like EDR as we take the cottage concept to markets across the country,â€ addedÂ Wes Rogers, president and chief executive officer of Landmark in the same release. â€œWe think this cottage development will be very well received by the students at Ole Miss.â€ Representatives were not immediately available for comment.
Though "Ole Miss" doesn't publish enrollment projections, based on recent historical performance, EDR anticipates 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.Â