June 17, 2021 9:00 AM
Newmark announces the $16.5 million sale of Lafayette Place, a 366-bed student housing community located at 1711 Anderson Road in Oxford, Mississippi–proximate to the University of Mississippi (Ole Miss). Vice Chairman and Head of Newmark’s Student Housing group Ryan Lang and Associate Director Jack Brett, in cooperation with Senior Managing Director Bo Flurry, represented the seller, DLP Holdings, LLC, in the transaction. This is the second student housing transaction Newmark has executed in Oxford in the past month, following the sale of the nearby The Retreat at Oxford.
The seller completed several community amenity upgrades as well as interior upgrades to 41 percent of the units. Lafayette Place’s amenities include an updated clubhouse, a resort-style saltwater pool, an outdoor grilling area, a beach volleyball court, a 24-hour computer lab with study areas and a fully-equipped 24-hour fitness center. In-unit features include newly renovated granite countertops, hardwood-style flooring, new appliances and new faucet and sinks. The asset offers fully furnished units and 100 percent bed-to-bath parity with keyed bedroom entry, built-in desks, large closets and in-unit washer and dryer.
“Following the increased off-campus deliveries over the past few academic years, the Oxford student housing market is expected to see little to no on- and off-campus supply for the foreseeable future,” said Ryan. “As a result of steady enrollment growth and the lack of oncoming supply, market metrics are set to follow a continued upward trajectory.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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