Mississippi State University – Sold

The student housing project at Mississippi State University is one of five projects in Aspen Heights 2014, LP a partnership in which Silverado invested with Aspen Heights. This is the development of a 809 bed cottage-style student housing development in Ames, IA. It is a 40 acre site and is less than 1.25 miles from the Mississippi State University campus.

Mississippi State University has experienced extraordinary growth since 2006, increasing enrollment by nearly 30%. The University plans to grow at a 3% annual growth rate for the next 3 years with an enrollment target of 22,000 by 2015. While occupancy rates vary, the newest, top-of-the-market competitor achieved 97% occupancy on its 1,300+ bed property in 2012. Aspen Heights Starkville would be located adjacent to this property, and would offer the only cottage product in the market. Greek participation is high at 20%.