March 20, 2017
Nelson Brothers Professional Real Estate acquired two purpose-built student housing properties that serve the University of Mississippi in Oxford, MS. The California investor paid $25.7 million for Molly Barr Ridge and Molly Barr Trails, which had been offered as a Delaware Statutory Trust (DST) structure. At the time of purchase, the 303-bed, 125-unit portfolio was 100% leased.
The properties are at 1011 (Trails) and 1021 (Ridge) Molly Barr Rd. They delivered in 2012 and 2015 respectively, by the developer and seller, R.J. Allen & Associates Inc.
“We’re really pleased with the strong performance of this property, and considering that it’s a relatively new acquisition, this has already become a showcase in our portfolio,” said Nelson Brothers’ Brian Nelson. “We believe that the university will continue a slow but steady growth, and with limited new projects in the works, occupancy rates will tighten as demand continues to grow.”
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