Landmark Delivers 909-Bed Philadelphia Student Housing Tower
The 34-story community represents the company's second ground-up project in the city.
Landmark Properties has completed The Mark Philadelphia, a 909-bed student housing community in Philadelphia. The 363-unit building is the tallest such property in the University City neighborhood.
Partners on the project included designer BKV Group, while the developer’s in-house construction arm served as general contractor. First Abu Dhabi Bank originated a $175 million loan for the project back in 2023, according to Yardi Matrix information.
The 34-story high-rise is the developer’s second ground-up project in the city and welcomed its first residents ahead of the fall semester.
Located at 3615-35 Chestnut St., The Mark is one block from the University of Pennsylvania campus and within walking distance of Drexel University. The Mark is also within walking distance of Amtrak’s 30th Street Station, as well as dining and retail options.
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The property has studio and one- to six-bedroom floorplans ranging from 360 to 1,941 square feet. The apartments are fully furnished, while select layouts also include private balconies or patios and private bathrooms.
Common-area amenities include a rooftop deck with an outdoor swimming pool and heated spa, an indoor clubroom and several academic and coworking spaces. The community also has a fitness center, yoga lawn, wellness suite, sauna, sports simulator and outdoor areas.
The delivery expands Landmark’s presence around two of Philadelphia’s largest universities. The company’s first ground-up project in the market, The Standard at Philadelphia, comprises 280 units and 802 beds across 18 stories. Landmark topped out that community in 2023 before completing it later that year.
Landmark’s growing student housing portfolio
One of the biggest student housing developers in the country, Landmark has more than $15 billion in assets under management, with more than 115 residential communities and 76,000 beds in its portfolio.
Earlier this year, Landmark Properties closed Landmark Sponsor Fund LP, a $300 million investment vehicle targeting student housing development opportunities. The fund surpassed its original $200 million goal and will provide development capital for projects in which Landmark will primarily act as a merchant developer.
On the development side, Landmark Properties and Peninsula Investments recently opened Narrative at Columbia, an 826-bed student housing community in Columbia, S.C. The joint venture broke ground on the project last year.
