Landmark Properties to Invest $1B in Student Housing Developments
The company announced plans to build seven new communities totaling more than 4,450 beds across the country. Four of the properties have already broken ground.
Landmark Properties will develop seven new student housing properties totaling 4,450 beds in six states across the U.S. The communities, worth $1 billion, are spread across six states—Texas, New York, California, Georgia, Washington and Florida—and will serve major state universities.
Financing is in place for all the properties and Landmark has already broken ground on four of the communities: The Standard at Coral Gables, serving the University of Miami; The Mark at Austin, serving the University of Texas; The Standard at Berkeley, serving the University of California; and The Station at Buffalo, serving State University of New York at Buffalo. The remaining three communities—The Retreat at Pullman, serving Washington State University; The Retreat at Sacramento, serving Sacramento State University; and The Mark at Athens, serving the University of Georgia—will break ground in the coming months, according to Landmark.
All the communities will be located a short distance from the college campuses they serve and will offer a variety of resident amenities including clubhouses, swimming pools, hot tubs, fitness centers, computer labs, volleyball courts, dog parks and golf simulators. The properties have scheduled completion dates ranging from August 2020 to August 2023.
Landmark has had a busy year. Last summer, the firm broke ground on 11 new student housing properties across several states. Currently, the company’s student housing properties under construction are near the University of Arizona, Florida State University, Georgia Tech, Colorado State University, Penn State and the University of Texas. With the seven new properties announced, Landmark’s total properties under construction total more than $2.9 billion, according to the company.