Landmark Properties, Manulife Form Student Housing JV
The joint venture’s first project will be an 890-bed community at the University of Connecticut in Storrs.
Landmark Properties continues expanding its student housing portfolio with another build-to-core joint venture that will focus on developing and operating residential properties in targeted markets throughout the United States. The latest agreement is with Manulife Investment Management, and the first project will be The Standard at Four Corners, an 890-bed community at the University of Connecticut in Storrs, Conn.
Located at 1717 Storrs Road, the project will be ready for occupancy by August 2025 and will offer several floorplans ranging from studios to three-bedroom layouts. It will also have 14,500 square feet of ground-floor residential space. Landmark Construction will serve as general contractor for the project.
Each apartment at The Standard at Four Corners will have a gourmet-style kitchen with ample cabinet space, quartz countertops and stainless-steel appliances. Every residence is fully furnished with hardwood-style flooring. The units will have technology-related amenities in the common area as well as high-speed internet and cable.
The property will feature 24-hour study lounges, a fitness center and computer lab. Other community amenities will include a gaming lounge, heated pool, hot tub and fire pits. For residents with vehicles, a deck will have parking for an additional fee. The Standard at Four Corners will have pedestrian access to both the campus core and downtown Storrs.
Wes Rogers, president and CEO of Athens, Ga.,-based Landmark Properties, said in a prepared statement Landmark continues to attract institutional capital to the student housing space due to the company’s track record of success, vertical integration and out-performance during challenging economic times.
The Connecticut project is the first of several pre-identified potential development opportunities for the joint venture with Manulife Investment Management, the global wealth and asset management segment of Manulife Financial Corp. Edward Dunn, managing director, infrastructure investments, at Toronto-based Manulife Investment Management, said in prepared remarks the firm believes the student housing sector represents a compelling investment opportunity because it is underpinned by attractive supply and demand dynamics and has a strong historical performance.
More Projects, JVs
In late November, Landmark announced it was developing its third student housing project near the University of California, Berkeley. The development, slated for completion for fall 2026, will have more than 300 units with floorplans ranging from studios to five-bedroom layouts. Located a short walk away from UC Berkeley, it is also close to the city’s restaurant district with retail and dining options.
Earlier in the year, Landmark formed a $1 billion platform along with Abu Dhabi Investment Authority to acquire and operate a value-add student housing portfolio across the U.S. The two entities extended their partnership several months later by creating a separate $2 billion joint venture for build-to-core student housing.
Landmark, which has more than $10 billion in assets under management, acquires, develops and manages high-quality residential communities. The portfolio includes nearly 100 properties with more than 60,000 beds under management. The company also has a development pipeline with 21 student and multifamily projects with an estimated value of $3.7 billion under construction.