Landmark Plans Penn State Student Housing
This is the developer's fourth project located in the market.
Landmark Properties, in a joint venture with Golden Primera and Peninsula Investments, has acquired an an 11.2-acre site in State College, Pa. for development of The Retreat at Westerly, a 546-bed student housing project intended to serve students attending the Pennsylvania State University. The site was purchased for an undisclosed price.
The Retreat at Westerly will be an off-campus, cottage-style apartment community located at 418-428 Westerly Parkway. The property will have a mix of townhomes and garden-style apartment buildings, each of which offer two- to-five bedroom living arrangements. The property is a mile southeast of Penn State.
Units will feature quartz countertops, stainless-steel appliances, hardwood-style laminate floors, in-unit laundry and private baths for each bedroom, according to the developers. The full- furnished apartments will also have wi-fi-enabled thermostats and will be wired for high-speed internet and cable.
A 10,500-square-foot clubhouse and amenity area will include a resort-style pool, pickleball court, sauna, cold plunge and study lounges. There will also be a fitness center, grilling and fire pit areas, multisport simulator and additional green space.
READ ALSO: Student Housing Unlocked: Ditching the Design Catalogue?
The community will be adjacent to Westerly Parkway Plaza, a grocery-anchored shopping center. On-site parking is planned for 417 cars, as well as storage for bikes and scooters. A CATA (the local bus system) shuttle stop is planned for the site. According to Landmark, The Retreat at Westerly meets the size requirements to remain classified as a commercial district.
The deal is the 25th joint venture between Landmark and Peninsula, and the former’s fourth project located in the Penn State market. Late last month, the firm unveiled plans for The Mark State College, a 515-bed community also intended to house students at Penn State.
Landmark currently owns and operates 2,483 beds across four properties: The Station State College, The Legacy at State College, The Metropolitan at State College, and The Standard at State College. Landmark also developed The Retreat at State College, directly adjacent to The Retreat at Westerly, which it sold in 2013.
Enrollment still up
As of the fall of 2024, 48,900 students were enrolled at the flagship Penn State campus, an increase of 0.8 percent compared with the previous academic year. The number of undergraduates increased 0.9 percent year over year.
The impact of visa cancellations for foreign students, and any increasing reluctance among overseas students about studying in the United States, isn’t clear in the enrollment numbers yet. All together, the school has over 9,000 international students.
The apartment market near Penn State totals 63 properties, according to Yardi Matrix data.
