Landmark Properties, PennTrust JV to Develop PA Student Housing
- Jul 14, 2015
State College, Pa.—Student housing specialist Landmark Properties has teamed with locally based PennTrust Properties LLC to develop The Metropolitan, a 540-bed mixed-use student housing property in State College, in central Pennsylvania. The community is on Atherton St. and College Ave., immediately adjacent to Penn State’s campus.
The 12-story building will also include about 32,000 square feet of retail and commercial space, 164 underground parking spaces for both tenants and retail customers, and space for various amenities. Each unit will feature floor-to-ceiling windows, high speed Internet and cable, washers and dryers, and private baths. Residents can choose from a variety of floor plans, including studios through five-bedroom units.
Landmark Properties president and CEO Wes Rogers told MHN that while “location is the most important driver of long term value, product differentiation is also a value driver. As such, we tailor our features and amenities to each project to differentiate out properties from the competition.”
At The Metropolitan, he added, the units will offer granite or quartz countertops, stainless steel appliances, and more square footage than the downtown competition. “It will also feature the best offering of amenities in downtown State College, including a large fitness center, study rooms, social lounges, and a large outdoor patio,” he asserted.
Pre-leasing will begin in the second quarter of 2016, and the first residents are expected to move into the building in the fall of 2017. Landmark Properties will be the property manager and Landmark Construction is general contractor on the project.