Nelson Brothers Real Estate acquires newly built student housing properties for $25.7 million (£20.84 million)
Southern California-based Nelson Brothers Professional Real Estate recently closed on the purchase of Molly Barr Trails and Molly Barr Ridge, two adjacent student housing properties near the University of Mississippi.
The properties were recently built (2012 and 2015 respectively) and fully amenitized. At the time of purchase, both properties were at 100% occupancy with 12-month leases. The offering was offered as a DST (Delaware Statutory Trust) structure and eligible for 1031 investors.
Combined, the two properties have 125 units and 303 beds with 152,800 square feet. Each unit features a bathroom and bedroom for each student, nine-foot ceilings, washers and dryers, modern appliances and furnished common areas.
Additional amenities include a pool, lounge, fitness center and surface parking with spots for each student. The properties are among some of the closest to Ole Miss and also near a hiking and biking trail.