Campus Advantage is consulting Chance Partners and Carter on their first JV.Oxford, Miss. — Carter, a development, investment and advisory services firm, and Chance Partners will soon develop The Highlands, a $39-million student housing community at the University of Mississippi in Oxford, Miss. Carter will serve as master developer of the new mixed-use development, which will provide approximately 750 beds for Ole Miss students by July 2013. This is the first joint-venture project between the two Atlanta-based development companies.
Regions Bank is providing the construction financing for The Highlands, which will feature a town square with roughly 15,000 square feet of diverse retail, amenity space and a large clubhouse and a mix of flats, townhomes and cottages. Each unit type will offer private bathrooms for every bedroom; kitchens with granite countertops and stainless steel appliances, and several other interior amenities.
The community will also feature accessible retail and amenities, including a coffee shop, three swimming pools, a fitness center with tanning facilities, a basketball court, carwash and dog wash station, walking and jogging trails, a dog park, bocce ball, horseshoes, sand volleyball, and space for what the developers say they hope will be an urban market.
Carter Senior Vice President Andy Feinour says Oxford is an ideal market for this new prototype. "Based on current and projected record-setting enrollment numbers at Ole Miss, existing market demand, aging inventory, and Oxford's strong rental and occupancy rates, now is the perfect time," Feinour says.
Carter and Chance Partners formed the joint venture out of their shared vision for the student-housing sector, according to Judd Bobilin, president and CEO of Chance Partners. "Our aligned interests and vision will transform a traditionally homogenous sector of the multifamily industry into one of its most progressive," Bobilin says.
Campus Advantage is providing consulting during the design and development phase of this project on an as-needed basis.