Majority owner EdR will manage new $36 million property in Oxford, Miss.; Landmark will construct and co-own.
Memphis, Tenn. — EdR has completed agreements with Landmark Properties to develop, own and manage a $36 million collegiate housing community near the University of Mississippi in Oxford, Miss.
EdR will be the 70 percent majority owner and will manage the community upon its 2013 completion. Landmark is developing and constructing the housing, which will be jointly owned by the two companies. Construction is expected to begin this spring for a fall 2013 completion.
"Landmark has pioneered the cottage-style collegiate community concept and built an excellent reputation for innovative, attractive and quality products," said Tom Trubiana, EdR executive vice president and chief investment officer in a release.
The off-campus community will consist of 160 residential homes with 668 beds. Each cottage will feature a private bathroom for each bedroom, large closets, a full-size washer and dryer, 9-foot ceilings, built-in bookcases, high-speed Internet and cable and numerous other amenities in the units as well as within the housing community.
The development site is approximately one mile west of the University of Mississippi in an area that is primarily residential.