Landmark JV to Develop Atlanta Student Project
Totaling 656 beds, the community will come online for the 2028 academic year.
A joint venture between Landmark Properties and an affiliate of Paceline Equity Partners will develop The Standard at Kennesaw, a 656-bed student housing project serving Kennesaw State University. Construction on the Kennesaw, Ga., community is set to begin immediately.
Partners on the project include Niles Bolston Associates as architect and Eberly & Associates as structural engineer, while Landmark Construction is the in-house general contractor. Completion is scheduled in time for the 2028-2029 academic year.
The mid-rise will take shape at 112 Townpark Drive, about 1 mile from the Kennesaw State University campus and 2 miles from Fifth Third Stadium. The city center is 4 miles from the project.
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The building will rise five stories and have 157 units ranging from studio to six-bedroom floorplans. The community is the area’s first new student property developed in almost five years, Landmark Chief Development Officer Jason Doornbos said in prepared remarks.
Additionally, the project will have the largest amenity package in the Kennesaw market, spanning more than 11,000 square feet. This will include a rooftop swimming pool deck with a Jumbotron, grilling area, clubhouse, fitness center, sauna and golf simulator, along with open-air courtyards and firepits.
The community will have a study lounge with a café, a bike storage rack and 559 parking spaces. Students will also have a shuttle bus available that will take them to and from campus.
Preleasing across Yardi 200 universities reached 78 percent in May for the upcoming academic year, according to a Yardi Matrix student housing report. That level was 140 basis points above the same point last year. Additionally, the average advertised asking rent rose to $933 per bed, up 0.2 percent from April and 1.7 percent year-over-year.
Landmark’s recent student housing ventures
This marks Landmark’s second student housing development in the market. In 2021, the company completed The Retreat at Kennesaw, a 681-bed community that sold last year as part of a portfolio transaction.
Landmark’s portfolio includes more than 115 residential communities with 74,000 beds under management. Additionally, the firm has north of 50 student and multifamily projects underway, including The Retreat at Boone, a 625-bed student development in Boone, N.C., that broke ground earlier this month.
Earlier this year, Landmark closed Landmark Sponsor Fund LP, a $300 million investment vehicle targeting student housing development. The fund surpassed its initial $200 million goal and drew commitments from investors including insurance companies, pension funds and registered investment advisors.
