Landmark Pays $117M for Orlando Student Housing Community
This acquisition marks the company’s eighth investment in the sector since the beginning of the year.
Knightshade. Image courtesy of Landmark Properties
Landmark Properties has acquired Knightshade, an 894-bed student housing community in Orlando, Fla., for $117 million, public records show.
The acquisition was funded with a $47 million loan provided by Synovus Bank and another $25 million loan from Trustmark National Bank, according to the same data provider. The seller was TPG Real Estate Partners, which previously paid $88.8 million for the property back in 2020, Yardi Matrix data shows.
Completed in 2014 by Landmark, the community spans 45.7 acres and encompasses 139 low-story townhomes and 221 units with a mix of two- to six-bedroom floorplans, averaging 1,973 square feet. Community amenities include tennis, volleyball and basketball courts, a golf simulator, a dog park, a sauna, a technology center, a fitness center, a swimming pool and a clubhouse. Landmark Properties will rebrand the asset as The Retreat West.
Located at 11037 Retreat Ave., the property is within 2.5 miles of the University of Central Florida campus and FBC Mortgage Stadium. Knightshade is also within 1.5 miles of the Waterford Towers and Alafaya Commons shopping malls, offering convenient access to numerous dining and retail options.
READ ALSO: Why Landmark’s CEO Remains Keen on Student Housing Development
Landmark’s growing student housing portfolio
The acquisition represents the company’s eighth investment in the student housing market since the beginning of the year and Landmark’s third community in Orlando. Just this year, the firm added a total of 4,774 beds to its student housing portfolio with acquisitions in Michigan, Massachusetts, Oregon, South Carolina, Tennessee, Texas and Florida. In March, Landmark teamed up with Prospect Ridge and acquired North 116 Flats, a 404-bed property in Sunderland, Mass.
Landmark is also expanding its development portfolio across the U.S., continuing its $2 billion build-to-core partnership with the Abu Dhabi Investment Authority. Recently, the firm formed a joint venture with Atlantic American Partners for the development of The Metropolitan at Tallahassee, a 702-bed property in Tallahassee, Fla.
