Landmark, HC2 Capital Grab Student Housing Complex
Located within walking distance from Clemson University, the 349-bed property is the joint venture’s second acquisition.
Landmark Properties has teamed up once more with HC2 Capital to purchase Campus View Apartments in Clemson, S.C. ILM Capital sold the property for $50.9 million, according to Yardi Matrix.
Capital One originated a $33.2 million Fannie Mae loan to facilitate the transaction. The property, which is managed by Landmark, is under a 65-year unsubordinated ground lease set to expire in 2078, Yardi Matrix data shows.
The 349-bed student housing community is located at 100 Daniel Drive, directly across from Clemson University. The deal marks Landmark’s second acquisition in the last four months and the second transaction completed in partnership with HC2 Capital.
Currently operating 79 properties totaling 50,600 beds, Landmark’s aggressive expansion plan targets Tier 1 universities in key growth markets, Wes Rogers, president & CEO, said in prepared remarks.
Working with CRG, Landmark broke ground on a student housing development in Columbia, S.C., just last month. Encompassing 678 beds, The Standard at Columbia is slated for completion in 2023.
Built in 2014, Campus View features a mix of two-, three- and four-bedroom apartments across five stories. On-site amenities include a courtyard, clubhouse, bistro, swimming pool, fitness center, as well as a 151-slot parking garage. The property is surrounded by a variety of dining and entertainment options.
Enhancing student safety
In a recent interview with Multi-Housing News, Colin Cronin, chief operating officer at DTN Management, shared insights on the post-pandemic student housing market. According to Cronin, student housing operators need to focus on the students’ individual needs that call for a more flexible living and work environment, all in compliance with local, state and federal guidelines.
Furthermore, not every student will feel comfortable socializing in large groups, Cronin told MHN, so operators should also focus on smaller technology-assisted study spaces and greater personal space. Using purifier systems with a high pathogen elimination rate also helps students feel secure, Cronin said.