Kingsbarn Capital & Development ("Company" or "Kingsbarn") has broken ground on The Cottages at Hooper Hill (the "Property"), a student housing project in Oxford, Mississippi ("Ole Miss"). Kingsbarn has hired A.S. Fornea Construction, a well-respected and experienced local Oxford contractor, to construct the project.
The project, which is an expansion of the existing Cottages at Hooper Hill, will be the addition of 51 beds to the Property by constructing nine buildings consisting of three- and four-bedroom units. Delta Gamma and Kappa Delta, two sorority organizations at the University of Mississippi, have executed leases for the expansion phase at Hooper Hill. The occupancy rate at Hooper Hill is 100% for the 2023-24 school year. It is a significant accomplishment to be fully leased so far in advance of the next school year and is a testament to the significant demand for student housing at Ole Miss.
"Kingsbarn is thrilled to increase its student housing investment at Ole Miss with the expansion of the Hooper Hill project. The University had the largest ever freshman class in the fall of 2022, which continues a positive growth trend over the past several years," stated Tony Hama, Managing Director of Commercial Development at Kingsbarn. "Student housing vacancy rates are extremely low in Oxford and we expect our properties to continue to perform exceptionally well over the long term."
Hooper Hill is the third Ole Miss student housing community Kingsbarn has acquired this year. The flagship university in the state of Mississippi, Ole Miss competes in the NCAA Division I Southeastern Conference (SEC). The school's enrollment for 2021-2022 saw an increase of 18% over 2020, and enrollment for 2022-2023 saw an increase of 5.1%. By expanding Hooper Hill, Kingsbarn intends to help provide a luxurious solution to the growing student population's need for housing.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate-centric investment house that provides institutional and accredited investors access to an array of alternative investments. Kingsbarn offers investments in private equity, Exchange Traded Funds, traditional investment funds, private placements, and Delaware Statutory Trusts (DSTs). Kingsbarn's management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has over $1.5 billion of assets under management throughout the United States.
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Original Source: Kingsbarn Capital & Development Breaks Ground on Ole Miss Student Housing Complex