Landmark JV Breaks Ground on North Carolina Student Project
The 625-bed development will open in time for the 2027 academic year.
A joint venture of Landmark Properties, HC2 Capital and Peninsula Investments has broken ground on The Retreat at Boone, a 625-bed student housing project in Boone, N.C. The community serving Appalachian State University is set to come online in time for the 2027-2028 academic year.
The ownership acquired the 40-acre site for the 148-unit cottage-style, off-campus community back in November. This is the first purpose-built student housing project developed in the city since 2021.
Trustmark Bank and First Financial Bank provided construction financing for the development. Niles Bolton Associates serves as architect of records, while Landmark Construction is the general contractor.
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Rising at 250 S. Wild Cherry Circle, the project will be within 6 miles of the Appalachian State University campus, Kidd Brewer Stadium and Boone Heights Shopping Center.
The community will have three-, four- and five-bedroom floorplans, as well as 588 parking spaces and private shuttle to campus. The property will also include 12,514 square feet of amenities, including a swimming pool, fitness center, golf simulator, skate park, computer lab, Jumbotron and multiple gathering spaces.
Landmark Properties’ recent student housing activity
Just a couple of months ago, Landmark Properties closed Landmark Sponsor Fund LP, a $300 million investment vehicle focused on student housing development. The vehicle exceeded its initial $200 million target, with investors including insurance companies, pension funds and registered investment advisors.
Besides The Retreat at Boone, the company is also working on The Mark Auburn, an 825-bed community developed in partnership with Manulife Investment Management. The companies acquired the development land last year in December and plan to complete the property in time for the 2028-2029 academic year.
