Memphis-based collegiate housing company EdR has executed agreements with Landmark Properties to develop, own and manage a $36 million community near the University of Mississippi in Oxford, Miss.
The announcement comes Thursday, Feb. 23 – the same day EdR will release its fourth quarter financial results after market close.
EdR will be the 70 percent owner and will manage the Ole Miss-area collegiate housing community upon its fall 2013 completion. Landmark Properties is developing and building the housing, which will have 160 cottages with 668 beds and will be owned jointly by the two companies. Construction is expected to begin this spring.
Formerly known as Education Realty Trust Inc., the Memphis-based developer, owner and manager of collegiate housing changed its name to EdR – aligning it with its New York Stock Exchange ticker symbol, EDR – in January.
Amenities of the cottage-style collegiate community include an outdoor living area, pool, and a clubhouse with a fitness center, Internet café, private and group study rooms, computer lab, game room with gaming systems and a fully equipped community kitchen.
The cottages will feature a private bathroom for each bedroom, washer and dryer, 9-foot ceilings, large closets, built-in bookcases, carpet, ceramic tile and hardwood-style vinyl floors, high-speed Internet and cable. All kitchen appliances will be included.
The development site is about one mile west of Ole Miss in a primarily residential area.
Since 2000, overall enrollment at the University of Mississippi has increased by 45 percent.
A self-administered and self-managed real estate investment trust, EdR owns or manages 60 communities in 23 states with more than 34,200 beds within more than 11,100 units.