JV Acquires North Carolina Parcel to Develop Student Housing
It's the developer's second project in the area.
A joint venture involving Landmark Properties, HC2 Capital LLC and Peninsula Investments has acquired a 40-acre parcel located in Boone, N.C. with plans to develop The Retreat at Boone, a 625-bed, cottage-style off-campus student housing community. The project will be located near Appalachian State University, and construction financing for the project is being provided by Trustmark Bank and First Financial Bank.
When it comes online in 2027, the Retreat at Boone will feature 148 units in a variety of three- to five-bedroom layouts. Niles Bolton Associates will serve as architect of record, while Landmark Construction will be the development’s general contractor.
Meeting demand
The Retreat is one of the few new off-campus student housing communities constructed in Boone in the last four years. Its units will have large cabinets and closets, hardwood-style laminate floors and carpeted bedrooms. Other features will include in-unit washer-dryers, as well as high-speed internet and cable. Residences will be fully furnished.
READ ALSO: Top 5 Southern Universities for Student Housing Development
The community will include a more than 12,500-square-foot amenity suite, highlighted by a swimming pool and spa with cabanas and hammocks. Other amenities will include a jumbotron, fire pit, grilling areas, skate park, fitness center, golf simulator, recreational lawn games and computer lab. Parking for 588 cars will be an additional element of the property. A direct, private shuttle will halve the travel time to campus of the AppalCART, a fare-free bus transit system serving Appalachian State, Boone and Watauga County.
The Retreat is the second student housing community in Boone area for Landmark. The company also owns and operates The Standard at Boone, a 560-bed, 203-unit student housing development unveiled in 2016.
The area remains active for other investors and developers, as well. Three months ago, Mountaineer Village Apartments, serving Appalachian State University students in Boone, was sold for $68.5 million.
