Landmark JV Completes Tallahassee Student Community
The developer financed this project with a $45 million construction loan.
The joint venture between Landmark Properties and Atlantic American Partners has completed The Metropolitan Tallahassee, a 702-bed, 217-unit student housing community in Tallahassee, Fla. The developer broke ground on the property serving the Florida State University in September 2022.
Development partners included design firm Dwell Design Studio, while Landmark’s in-house construction arm, Landmark Construction, served as general contractor. Origin Bank provided a $45.3 million loan for this project in 2019, according to Yardi Matrix information.
Move-ins at the Class A community, which is already 98 percent leased, will start this month. The property has a five-story residential building with two- to four-bedroom layouts, ranging from 916 to 1,683 square feet.
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Common-area amenities include an outdoor swimming pool, a jumbotron, outdoor recreation and grilling areas, a gaming lawn, a fitness center and a putting green. Additionally, the community has study centers, computer labs, a yoga studio, a clubhouse and about 400 parking spaces.
Situated on nearly 4 acres at 1701 W. Pensacola St., the mid-rise is within walking distance of the Florida State University campus and less than 1 mile from the Doak Campbell Stadium. Downtown Tallahassee is some 2 miles away, while Tallahassee International Airport is within 6 miles.
The location is also less than 2 miles west of an 859-bed luxury student housing project developed by Landmark in partnership with Manulife Investment Management. The community is expected to come online next year.
Landmark’s student housing expansion
Landmark’s current residential and student housing portfolio, valued at $14 billion in assets under management, consists of 115 communities totaling about 72,000 beds across the U.S. The developer also has 23 student and multifamily projects underway or in planning stages.
At the beginning of this month, the firm announced plans for The Standard at West Lafayette, a 253-unit, 678-bed student housing project serving the Purdue University’s campus in West Lafayette, Ind. Scheduled to come online in 2027, the development will rise 13 stories.
Earlier this summer, Landmark Properties and W5 Group acquired a 2-acre site for the development of The Standard at Syracuse, a 210-unit student housing property in Syracuse, N.Y. The community already broke ground and is slated for completion in 2026.
