The job was originally awarded to Ocon last December but the contractor collapsed into administration in March.
The first phase of work involves the refurbishment and upgrade of the Eggington halls of residence.
The second phase will see improvement works at the nearby Falkner site.
The existing halls of residence, which were originally built in 1971 and are made up of 73 two and three-storey accommodation blocks.
Full refurbishment of the halls will include asbestos removal, mechanical and electrical upgrades together with the fitting of new floors, ceilings, kitchens and bathrooms.
Mansell is already working at Loughborough University delivering a new Health Exercise and Bioscience building which will serve as a new National Centre for Sport and Exercise Medicine.
The new accommodation will be ready by September with the second phase due to complete by December 2013.
Work will follow in the New Year by work to replace exterior doors and windows, re-roofing and landscaping.