Landmark JV Completes Michigan Student Community
The developers financed the project's construction with a $110 million loan.
The joint venture between Landmark Properties and Cerca Trova has delivered The Legacy at Ann Arbor, a 521-bed student housing community in Ann Arbor, Mich. Development partners included ESG Architecture & Design and Landmark Construction.
The developers took out a $110 million construction loan from Nationwide in 2022 and broke ground on the project that same year, according to Yardi Matrix information. The property is fully leased for the 2025-2026 academic year.
Located at 616 E. Washington St., the community is adjacent to the University of Michigan at Ann Arbor campus within the city’s downtown area. Michigan Stadium is more than 1 mile away, while Detroit Metropolitan Wayne County Airport is 25 miles southeast.
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The 253-unit Legacy at Ann Arbor consists of a 19-story high-rise and a five-story building that are interconnected. The structures are also attached to the historic Michigan Theater.
The unit mix comprises studio to five-bedroom floorplans with in-unit laundry facilities, while select layouts also have private balconies or patios. A total of 16 units are reserved as affordable.
The property also has 4,150 square feet of retail space, on-site resident parking and more than 9,700 square feet of amenities, including a rooftop swimming pool with deck, a resident clubroom with outdoor grilling, gaming lawn and firepit seating area. The community also has an academic lounge, a fitness center and bike storage.
University of Michigan’s growing housing inventory
Including this community, the University of Michigan at Ann Arbor has 20 properties totaling more than 8,100 bedrooms serving it, according to Yardi Matrix information. This number is set to grow, as Core Spaces is working on a more than 1,000-bed student housing project that’s slated for completion in 2027.
Additionally, CRG and Shapack Partners acquired the site for the 625-bed Chapter Ann Arbor. That project is also set to come online in two years from now.
