Landmark Adding 4,000-Plus Beds To Portfolio, Including 466 In Athens
Landmark Properties is moving forward with 466 more beds in the land of Bulldogs.
Landmark has broken ground on the second phase of The Mark at Athens, adding to the first phase's 928-bed development. For Landmark CEO Wes Rogers, a second phase made sense since the first phase — now three years old — has remained fully leased with 4.5% rent growth a year. Delivery for Phase 2 is scheduled for August 2021.
The Mark is part of a string of new student housing projects Landmark is undertaking this year. It also began construction on a 767-bed, cottage-style community near Washington State University; a 736-bed, cottage-style project next to Sacramento State University; and other student housing projects near the University of Miami in Florida, the University of California at Berkeley, the State University of New York at Buffalo and the University of Texas' Austin campus.
All the projects combined are expected to add more than 4,000 beds to its portfolio. The firm targets publicly chartered state institutions with an enrollment of at least 15,000 students and off-campus properties.
Rogers said the firm is in discussions that could see Landmark develop upward of 60 new projects across the U.S., including plans for a $400M, twin 28-story tower student housing development in Seattle.