Landmark Breaks Ground on 585-Bed Arkansas Student Asset
The Retreat at Fayetteville is expected to come online in the fall of 2023.
Landmark Properties has broken ground on The Retreat at Fayetteville, a 585-bed student housing community in Fayetteville, Ark., serving the student at the University of Arkansas. The company paid $5.2 million for the 14-acre development site, Arkansas Business reports.
Slated for completion in the fall of 2023, the cottage-style project is set to encompass a mix of two- to five-bedroom floorplans. All units will be equipped with gourmet-style kitchen, quartz countertops, stainless appliances, high-speed internet and cable. Community amenities will include a study lounge, fitness center, computer lab, swimming pool with hot tub, grilling areas, bocce ball area and green spaces. The property will also have 1,000 square feet of retail space fronting Razorback Road.
Located at 1030 S. Razorback Road, the community will be within walking distance of the University of Arkansas campus and close to bus routes and the Tsa La Gi Trail. The Baum-Walker Stadium and numerous dining and retail options along M.L.K. Jr. Boulevard will be less than half a mile from the upcoming community.
Currently, on a 3-mile radius, there are 12 dedicated properties serving the students at the institution, totaling 7,130 bedrooms, Yardi Matrix data shows. Landmark’s The Retreat at Fayetteville is the only one under construction and will add more than 140 units to the metro’s inventory.
Multiple projects underway
Landmark Properties has several student housing developments under construction. At the beginning of the year, the firm broke ground on The Standard at Eugene, a 703-bed property in Eugene, Ore., serving the students at the University of Oregon. The Metropolitan at Tampa, another 760-bed asset in Tampa, Fla., is also underway near the University of South Florida. Both properties are scheduled for completion at the end of 2024.
Earlier this week, the company also announced the project of The Mark at Los Angeles, a 166-bed community next to UCLA and the company’s first in the city of Los Angeles. The project is expected to be completed in the fall of 2024.
Landmark Properties has also been busy on the acquisitions front. Last year, the company formed a $784 million venture with Blackstone for the acquisiton of eight student housing assets totaling 5,416 beds.