Landmark Properties Delivers Record-Number of Student Housing Properties for 2023-2024 Academic Year
Nation’s Leading Student Housing Developer Brings Ten New Off-Campus Properties to Flagship Universities; Accounts for More Than One Quarter of the Sector’s Deliveries this Year
(Athens, Ga. – October 12, 2023) – Landmark Properties, a fully-integrated real estate firm specializing in the development, construction, investment management, and operation of high-quality residential communities, has wrapped up a successful fall move-in season with the delivery of ten new properties – 8,195 beds – near flagship universities. Totaling $2 billion in value, it is the largest off-campus single-year portfolio ever delivered in the student housing sector and accounts for more than one quarter of all student housing deliveries this fall.
“Student housing continues to outperform other real estate asset classes, providing stable cash flow during the Great Financial Crisis, Covid, and now, in the face of historic rate increases and challenged capital markets. From an operational standpoint, student housing has never performed better,” said Wes Rogers, President and CEO of Landmark Properties. “We’re experiencing record rent growth and occupancy. The challenging capital markets and elevated construction costs are making development deals more difficult to pencil, but with steady enrollment growth at the top universities, the supply and demand fundamentals should continue to be very strong for the foreseeable future. I’m proud of the team’s successful execution of this record number of deliveries.”
As part of Landmark Properties’ vertically integrated process, the firm’s construction arm, Landmark Construction, served as the general contractor for seven of the ten properties delivered this fall. By leveraging expert design to facilitate the construction and completion of many of the communities it manages, Landmark has dedicated resources – on- and off-site -- for every project from start-to-finish, with high-quality, low-cost results that reflect the ultimate off-campus student living experience.
With more than $11.7 billion in assets under management across more than 100 properties – 68,000 beds –Landmark has been named the top student housing developer by Student Housing Business for the last seven years. The company is also delivering four non-student housing residential projects in 2023.
The latest round of student housing projects delivered by Landmark this year span several of its widely recognized brands, such as The Standard, The Mark, The Retreat, and The Metropolitan. The new student housing projects that opened this fall include:
· The Standard at College Park — University of Maryland: Opened in August 2023, the 282-unit, 951-bed purpose-built community on Hartwick Road and Route 1 is just two blocks from Maryland’s College Park campus. Floorplans range from studios to five bedrooms and units feature hardwood-style laminate flooring, large closets, stainless steel appliances and quartz countertops. Community amenities at the property include a fitness center, sauna, computer lab and study lounge. The Standard at College Park also offers 5,500 square feet of ground-floor retail space. Landmark Construction served as general contractor.
· The Standard at Columbia — University of South Carolina: The purpose-built apartment community in downtown Columbia at 1401 Assembly Street opened in August 2023 and is two blocks from the university campus. With 678 beds and 247 units in a mix of studios to five bedrooms, the community’s multitude of amenities includes a clubhouse, elevated pool deck, fitness center spa, study lounge with café, and a sports simulator. The Standard at Columbia was developed in partnership with Chicago-based CRG; Clayco served as general contractor.
· The Standard at Bloomington – Indiana University: With 1,064 beds across 439 units, The Standard at Bloomington is steps from Indiana’s campus and nearly equidistant from Memorial Stadium and the university’s academic core. Units have nine-foot ceilings, quartz countertops and stainless-steel appliances; and all units come equipped with flat screen TVs. Resort-style amenities include a swimming pool and spa, an exterior jumbotron, sauna, fitness center, sports simulator, a gaming lounge, an indoor basketball court, pickleball courts, plus multiple grilling stations and fire pits. Landmark Construction served as general contractor for the project, which opened in August 2023.
· The Standard at Philadelphia — University of Pennsylvania and Drexel University: A 280-unit, 802-bed purpose-built community at 120 South 30th Street, The Standard at Philadelphia is adjacent to UPenn and Drexel’s campuses. The units under Phase 1 of the project opened in September 2023, with the remaining Phase 2 units scheduled to open in late 2023. Floor plans range from studios to six bedrooms; units include gourmet kitchens, quartz countertops, stainless steel appliances, hardwood-style laminate floors and large closets. Among the community amenities are a fitness center, elevated pool and hot tub deck, sauna, computer labs, a study lounge, clubhouse, grill station and gaming lounge. The Standard at Philadelphia offers more than 3,000 square feet of ground-floor retail space. Gilbane Building Company served as the project’s general contractor.
· The Standard at Seattle — University of Washington: An urban high-rise project, The Standard at Seattle is Landmark’s largest project to date. Within walking distance of the University of Washington, the development features 426 units and 1,545 beds with floorplans ranging from studios to six bedrooms. The Standard at Seattle has more than 446,000 square feet of residential area and nearly 8,000 square feet of ground-floor retail space. Community amenities include two rooftop pools and hot tubs, outdoor theater-like entertainment, a coffee shop-inspired study area, high-speed internet, fitness center, a rock-climbing wall, sauna, computer lab, and gaming lounge. Landmark Construction served as the general contractor for the project, which opened in late September 2023.
· The Retreat at Fayetteville – University of Arkansas: The 142-unit, 585-bed, cottage-style townhomes at 1030 South Razorback Road offer several distinct floor plans in a mix of two- to five-bedrooms. Each apartment features spacious, gourmet-style kitchens and synthetic hardwood-style flooring. Residents have access to ample greenspaces throughout the community. The resort-style outdoor amenity spaces – with a fire pit, grilling area, jumbotron, large pool and hot tub, plus a putting green and areas for bocce ball -- are designed for recreation and encourage socialization. In addition to the fully programmed amenity package, The Retreat features 1,000-square feet of retail fronting Razorback Road. Landmark Construction served as general contractor for the project, which opened in mid-August 2023.
· The Legacy at Centennial – Georgia State University and Atlanta University Center Consortium: Steps from the iconic Centennial Olympic Park in Atlanta, The Legacy at Centennial is a 32-story, 835-bed high-rise development with proximity to the Georgia State University and the AUC Consortium campuses. Each of the 265 residences feature stainless steel appliances, quartz countertops, and hardwood-style flooring throughout. Among the community amenities are a resort-style pool with views of downtown Atlanta, a fitness center, and study spaces with group and private study rooms. The Legacy at Centennial also features 5,700 square feet of ground-floor retail space. Landmark Construction served as general contractor for the project, which opened to residents in August 2023.
· The Mark Austin – University of Texas: The Mark Austin welcomed University of Texas residents on July 31, 2023. The 265-unit, 975 bed property offers a mix of studios to six bedrooms and features finishes such as hardwood-style floors, quartz counters and designer backsplashes. The Mark Austin is Landmark’s first community with a bowling alley. The building offers residents a rooftop pool, access to a 24-hour, two-story fitness center and a variety of study facilities designed for group or private study sessions. Landmark Construction served as the project’s general contractor.
· The Metropolitan Gainesville – University of Florida: Adjacent to the University of Florida, this 464-bed, mid-rise development offers 169 units in a mix of one- to five-bedrooms. The units feature finishes such as stainless-steel appliances, quartz countertops and soft-close custom cabinetry, as well as fully furnished living rooms and bedrooms. The Metropolitan Gainesville features a resort-style pool, a jumbotron, and two-story fitness center. Students can relax and socialize in the spacious courtyard with grilling areas and a fire pit, or in the clubroom area off the main pool deck. Landmark Construction served as the general contractor for the project, which opened in August 2023.
About Landmark Properties
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development, and management of high-quality residential communities. With more than $11.7 billion in assets under management, Landmark’s portfolio includes over 100 residential communities across the country with over 68,000 beds under management. Additionally, Landmark has 24 student and multifamily projects under construction with an estimated value at $4.7 billion. Landmark’s mission is to be the leader in development, construction, operations, and investment management of high-quality residential communities, delivering unrivaled service and experience to our residents, partners, and employees. For more information, visit www.landmarkproperties.com.
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Roxanne Donovan, Lindsay Church, Rick Van Warner, Sara Williams