320 West Mag
320 West Mag
Location: Auburn, Alabama
Status: Completed, Owned
Property Type: Mixed-Use Student Housing
320 West Mag is a mixed-use student housing community owned, developed, leased, and managed by Holder Properties. The project brings together student housing, ground-floor retail, and structured parking on a site assembled from 13 separate land parcels over 2.5 years. Located directly across from Auburn University’s College of Business and College of Engineering, the property offers 15,000 square feet of retail and more than 800 parking spaces, along with modern amenities designed for today’s students.
Since opening in fall 2021, 320 West Mag has been 100% leased, supported by an annual 50% renewal rate and average rent growth of 9% per year. The project was recognized with the Student Housing Business Innovator Award for Best Implementation of Mixed-Use in 2022. In June 2024, Holder Properties completed a $14 million loan upsize, returning more than 30% of investor equity and reinforcing the long-term performance of the asset.
453,000
SQUARE FEET
100%
PRELEASED (2024-2025 School Year)
201
UNITS
$106 MM
BUILD COST ($000s)
$PSF: $235
$Per Bed: $148K
719
BEDS
10 YEARS
HOLD PERIOD (Projected)
100%
CURRENT OCCUPANCY
$141 MM
APPRAISED VALUE (June 2024)
