Landmark Properties Acquires Student Housing Near Clemson
The 616-bed South Carolina property was 97 percent occupied at the start of this academic year.
Landmark Properties has acquired The Ridge Clemson, a 616-bed, 184-unit student housing property about two miles from Clemson University in Clemson, S.C. The property is about 97 percent occupied for the fall 2024 term.
Built in 2018, The Ridge Clemson contains a mix of furnished two-bedroom apartments in a midrise building as well as furnished four-bedroom townhomes complete with attached two-car garages.
Unit amenities include high-speed Wi-Fi, extended cable TV at no extra charge, in-unit washers and dryers, granite countertops, stainless steel appliances and bedrooms with en-suite bathrooms and large closets. Common amenities include a pool and lazy river feature, hot tub, 20-foot Jumbotron, clubhouse and full basketball court. There is also a 24-hour fitness center, dog park, study lounges, coffee bar and on-site parking.
The university has seen consistent enrollment growth in recent years. As of 2023, Clemson had a total of 28,747 students—22,875 undergraduate and 5,872 graduate—compared with a total of 19,453 in 2010. The school is the second-largest university by enrollment in South Carolina, after the University of South Carolina-Columbia.
Landmark’s expanding footprint
Landmark’s portfolio includes over 115 residential communities nationwide with about 72,000 beds under management. All together, the company has about $14 billion in assets under management.
The company also has an active development pipeline, with 23 student and multifamily projects under construction or slated to start in the near term. Earlier this year, in time for the 2024 fall semester, the company completed The Standard at Eugene, a 703-bed, 247-unit student housing development located near the University of Oregon in Eugene, Ore.
Student housing fundamentals
Occupancy remains strong at student housing nationwide, according to Yardi Matrix, with more than half of the 200 universities tracked by the company hitting the 95 percent preleasing mark for the 2024-25 academic year. Average occupancy nationwide came in at 94.5 percent in September, only 10 basis points lower than a year earlier.
Rent growth slowed to 4.2 percent by September, but averaged 5.8 percent throughout the entire leasing season, which Yardi Matrix chalks up to stronger rent growth early in the leasing season, when most beds are preleased. Still, rent growth is down from 6.8 percent annually last year.
Yardi Matrix forecasts that 41,432 beds will be delivered by the end of 2024, a 5 percent decrease from 2023. After 2024, annual supply will drop below the long-term average of 40,000 beds delivered per year for the last 10 years, the company predicts.
