Landmark Announces $2 Billion Build-to-Core Investment with ADIA for Student Housing
ATHENS, Ga., August 24, 2022 /PRNewswire/ — Landmark Properties (Landmark), a fully integrated real estate company specializing in the development, construction, acquisition and management of high quality residential 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 the development and operation of student housing in targeted markets across United States and has pre-identified multiple potential development opportunities.
The new build-to-core joint venture follows the $1 billion value-added student housing platform formed by Landmark and ADIA announced in March 2022 and represents a further commitment to an already long-standing relationship between the two organisations.
Landmark’s unique vertical integration of ownership, development, general contracting, property management and investment management allows development projects to be planned and executed seamlessly, creating value for properties, residents and investors. “Our vertically integrated platform has never been more advantageous than it is today,” said wes roger, President and CEO of Landmark Properties. “The ability to accurately estimate and better control costs with our in-house general contractor is extremely valuable in this inflationary environment with supply chain disruptions. Our team has delivered billions of student accommodations on time and in under budget during Covid.”
This new platform reinforces a longstanding relationship between Landmark, the nation’s most active student housing developer, and ADIA. Not including a strong pipeline of potential development opportunities, existing joint ventures between Landmark and ADIA include assets with 17,400 beds in Tier 1 university markets across the country.
“We remain disciplined in our strategy to grow the highest quality student housing portfolio in the country,” Rogers said. “Student housing continues to demonstrate, through all market cycles, a resilient asset class with strong fundamentals, and we continue to see exciting development opportunities across the United States. This latest joint venture provides the opportunity to expand our relationship with ADIA, one of the leading institutional real estate investors.”
Across Landmark’s portfolio, Landmark communities continue to be a top choice for students, and the company posted an impressive 7.5% year-over-year rental growth rate while establishing a high occupancy of 98.6% for the 2022/2023 academic year. With nearly $10 billion Assets under management, Landmark’s portfolio includes nearly 100 residential communities across the country with approximately 58,000 beds. Landmark currently has 21 student and multi-family projects under construction with an estimated value of $3.7 billionand a large and growing development pipeline.
About mark properties
Based at Athens, Ga.with an office Atlanta, Landmark Properties is a fully integrated real estate company specializing in the acquisition, development and management of high quality residential communities. With over $10 billion Assets Under Management, Landmark’s portfolio includes nearly 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 multi-family projects under construction with an estimated value of $3.7 billion. Landmark’s mission is to be the leader in the development, construction, operation and investment management of luxury residential communities, providing unparalleled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com.
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 creating long-term value.
SOURCE Landmark Properties