OXFORD — EdR, a Memphis-based developer, owner and manager of collegiate housing, reports it has executed agreements with Landmark Properties to develop, own and manage a $36 million collegiate housing community near the University of Mississippi.
EdR would be the 70 percent majority owner and would manage the community upon its fall 2013 completion. Landmark Properties is developing and constructing the housing, which will be owned jointly by the two companies. Construction is expected to commence this spring.
“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. “We are excited to partner with them in this unique development.”
The development will offer amenities such as outdoor living area, green space and resort-style pool and clubhouse. The clubhouse will offer a fitness center, tanning beds, Internet cafe, private and group study rooms, computer lab, game room with gaming systems and a fully equipped community kitchen.
Construction is expected to commence in spring 2012 for a fall 2013 completion. This off-campus community will consist of 160 residential homes with 668 beds. Each cottage will feature a private bathroom for each bedroom, full-size washer and dryer and high-speed Internet/cable. All appliances are included in the kitchen.
EdR, aself-administered and self-managed real estate investment trust, owns or manages 60 communities in 23 states with more than 34,200 beds within more than 11,100 units.