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Landmark Properties (Landmark), a fully-integrated real estate firm specializing in the development, construction, acquisition and management of high-quality residential living communities, has formed a new $2 billion build-to-core student housing joint venture with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The programmatic joint venture will focus on developing and operating student housing properties in targeted markets throughout the United States and has pre-identified multiple potential development opportunities.
The new build-to-core joint venture follows the $1 billion value-add student housing platform formed by Landmark and ADIA announced in March 2022 and represents an additional commitment to an already long-standing relationship between the two organizations.
Landmark’s unique vertical integration of ownership, development, general contracting, property management and investment management allows for development projects to be seamlessly planned and executed, creating value for the properties, residents, and investors. “Our vertically integrated platform has never been more of a competitive advantage than it is today,” said Wes Rogers, President and CEO of Landmark Properties. “The ability to accurately estimate and better control costs with our in-house general contractor is incredibly valuable in this inflationary environment with supply chain disruptions. Our team has delivered billions worth of student housing properties on time and under budget during Covid.”
This new platform furthers a long-standing relationship between Landmark, the nation’s most active student housing developer, and ADIA. Not including a robust pipeline of potential development opportunities, the existing joint ventures between Landmark and ADIA comprise assets with 17,400 beds in Tier 1 university markets throughout the country.
“We remain disciplined in our strategy of growing the highest quality student housing portfolio in the country,” said Rogers. “Student housing continues to demonstrate, in all market cycles, a resilient asset class with strong fundamentals, and we continue to see compelling opportunities for development throughout the U.S. This latest joint venture offers the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.”
Across Landmark’s entire portfolio, Landmark’s communities remain a top choice for college students, and the company has posted an impressive rent growth rate of 7.5% YoY while establishing a strong preleased occupancy of 98.6% for the 2022/2023 academic year. With nearly $10 billion assets under management, Landmark’s portfolio includes almost 100 residential communities across the country with approximately 58,000 beds. Landmark currently has 21 student and multifamily projects under construction with an estimated value at $3.7 billion, and a significant and growing development pipeline.
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 $10 billion assets under management, Landmark’s portfolio includes almost 100 residential communities across the country with approximately 58,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 21 student and multifamily projects under construction with an estimated value at $3.7 billion. Landmark’s mission is to be the leader in development, construction, operations and investment management of luxury housing communities, by delivering unrivaled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com.
About ADIA
Established in 1976, the Abu Dhabi Investment Authority is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
