Landmark JV Launches $1B Student Housing Platform

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Landmark Properties, in a joint venture with Abu Dhabi Investment Authority, has launched a $1 billion platform, set to acquire and operate value-add student housing properties across the U.S. Hodes Weill Securities LLC was the financial advisor for the partnership formation and capitalization.

The partnership between the two companies already includes 15,000 beds in major university markets, following the strategy to acquire, develop, renovate and capture opportunities for value-add properties. ADIA is set to work with good partners and invest in market-specific properties, seeking to grow exposure in a market with strong fundamentals, mentioned Deputy Director of the Real Estate & Infrastructure Department at ADIA, Salem Al Darmaki, in a prepared statement.

Currently, Landmark Properties owns 56 properties, totaling some 11,950 units, holding approximately 55,000 beds under management. The company has 16 developments underway, totaling $3.1 billion.

Recently, Landmark broke ground on The Standard at Eugene, a 703-bed community in Eugene, Ore., and announced the development of The Metropolitan at Tampa, another 760-bed property in Tampa, Fla. Moreover, last month, the firm announced a joint venture with Blackstone, adding more than 2,000 units to its portfolio.

The latest Yardi Matrix report shows that institutions with the highest prelease growth tend to be the top 20 universities nationwide, with the fall 2021 preleasing period reaching 94.3 percent, an increase of 5.2 percent compared to the previous year. In December, the student housing market registered a 2.2 percent rent growth for the average rent per bedroom.