Landmark JV to Build 825-Bed Student Housing Community Near Auburn University
Manulife Investment Management and Peninsula Investments are investment partners on the project.
A joint venture between Landmark Properties and Manulife Investment Management has acquired a 3.29-acre site in Auburn, Ala., to build The Mark Auburn, its latest student housing development. The planned 825-bed community will be the fifth endeavor in a build-to-core joint venture executed with the Manulife Infrastructure Fund pool. It is also Landmark’s second project in the Auburn market.
Peninsula Investments, which has made previous investments across Landmark’s student housing portfolio, is also participating in the project, which is expected to deliver around the start of the 2028-2029 academic year. Landmark Construction will be the general contractor, and BKV Group serve as the architect.
Jason Doornbos, chief development officer at Landmark Properties, said in prepared remarks that the team was able to negotiate the acquisition of a four-parcel site that falls across two zoning areas that will allow greater density and height, making the community stand out among other properties in the area.
Making a mark
Located at 141 Wright St., the mid-rise building will have 329 units in a mix of studios to five-bedroom apartments. The downtown site is adjacent to the Auburn University campus core, and the location offers students access to dining, retail and entertainment options on the adjacent College Street and Magnolia Avenue.
LISTEN HERE: Student Housing Unlocked: Where the Sector Still Outperforms
Units at The Mark will be fully furnished and wired for both cable and high-speed internet. The apartments will feature quartz countertops, stainless steel appliances, hardwood-style laminate floors, in-unit laundry and large closets.
The community will also have 31,000 square feet of indoor and outdoor amenities. These include a clubhouse, a rooftop pool, a jumbotron, grilling areas and fire pits. Residents will also have access to a fitness center, sports simulator, study lounge, computer labs and café. The property will include onsite parking for 853 vehicles, as well as bike and scooter storage areas.
Other Landmark properties
Landmark, an Athens, Ga.-based real estate firm specializing in the acquisition, development and management of high-quality residential communities, also operates The Standard at Auburn. That property was completed in 2018 and spans 219 units.
The firm currently has more than $15 billion in assets under management at more than 115 communities totaling 72,000 beds. Landmark has an active development pipeline with more than 50 student and multifamily projects under construction or near term start with an estimated value of over $10 billion.
Landmark formed a joint venture with Manulife in December 2022 to focus on developing and operating residential properties in targeted markets across the U.S. The first project was The Standard at Four Corners, an 890-bed community at the University of Connecticut in Storrs, Conn. that opened in September.
That same month, the joint venture delivered The Mark Tallahassee, a 220-unit, 860-bed student housing community serving Florida State University in Tallahassee, Fla.
The two firms are also working with Peninsula Investments, a private equity real estate firm, to develop The Standard at West Lafayette, a 678-bed student housing community near Purdue University in West Lafayette, Ind. The project broke ground in April and is slated to open by fall 2027.
