Greystar Closes $101.2M Construction Financing for 1,282-Bed Student Housing Project at Ole Miss Using Modular Construction
OXFORD, Miss. — Greystar has closed $101.2 million in construction financing and broken ground on Phase I of its public-private partnership with the University of Mississippi, the firm announced March 23, marking the fifth on-campus partnership the Charleston, South Carolina-based real estate firm has closed in the 2025-26 cycle.
The project will replace the former Kincannon Hall on the Ole Miss campus in Oxford, Mississippi, delivering 1,282 beds of semi-suite-style student housing in time for the 2027-28 academic year. The financing was structured through project-based tax-exempt bonds, with Provident Resources Group — a 501(c)(3) nonprofit entity — serving as the project owner and bond borrower. Raymond James acted as bond underwriter.
Modular Construction to Drive Kincannon Delivery
Kincannon will be constructed in partnership with Modern Living Solutions, Greystar's modular construction business. Sections of the buildings will be fabricated at the Modern Living Solutions factory in Knox, Pennsylvania, and shipped to the Oxford campus for on-site assembly — a method the firm says offers shortened construction durations, lower costs, enhanced quality control, and reduced carbon emissions.
"This is an opportunity to showcase our firm's modular capabilities on an active university campus," said Rick Weston, Senior Director, Modular Construction at Greystar. "Modular construction in a controlled factory environment supports consistent quality standards. We look forward to bringing light-gauge steel construction to Ole Miss."
Deal Structure and Project Team
The $101.2 million Phase I financing is structured entirely through project-based tax-exempt bonds. Provident Resources Group holds ownership of the project as the bond borrower, while Raymond James served as underwriter. Greystar is acting as development manager for the project.
The project was designed by WDG, a student housing architecture firm, with support from local architect CDFL. To support regional economic development, Greystar has committed to making more than 70 percent of on-site construction work available to local and regional Mississippi subcontractors.
"We are thrilled to reach financial close and be under construction on the first phase of our long-term partnership with Ole Miss," said Derek Brown, Senior Managing Director, Development at Greystar. "Ole Miss had an immediate need to increase the supply of modern, high-quality, and affordable housing available to their students, and Greystar is proud to help the University achieve that objective."
Phase II and Broader Partnership Scope
Phase II of the Greystar-Ole Miss partnership is planned for a site on West Row, across from the Ole Miss School of Law, with an expected delivery in 2028. The Ole Miss deal is the second flagship university partnership Greystar has closed in the current academic cycle.
Greystar's Platform
Greystar manages more than $300 billion of real estate across more than 260 markets globally and operates more than one million units and beds worldwide, making it the largest apartment operator in the United States. The firm reports $79 billion in assets under management, including approximately $36 billion in development assets.
The Kincannon project is expected to be complete for the start of the 2027-28 academic year, with Phase II following in 2028.