ATHENS, GA. December 5, 2012— Landmark Properties announced today that it has purchased the former Athens Hardware building in downtown Athens, and will soon commence construction on The Standard at Athens, a 610 bed student housing project with 24,788 square feet of ground level retail. The property will be owned by a joint venture between Landmark and Harrison Street Real Estate Capital. Scheduled for Fall 2014 delivery, the Project will be the first purpose-built student housing community located in downtown Athens and within walking distance of campus. The Standard will target those students who frequent the area’s restaurants, retail, and nightlife while also appreciating pedestrian access to class.
“The Standard will be the first core purpose-built student housing project in downtown,” said Wes Rogers, President and CEO of Landmark Properties, the owner/developer of the project. “With our location, product and amenities, we should compete very well in the Athens market. This is a site we’ve had our eyes on for a while and we’re excited to be building in our hometown again.”
The Standard will offer eleven different floor plans including studios, one, two, three, four and five bedrooms. Each apartment will be fully furnished, will feature spacious bathrooms, and will have higher-end finishes like granite countertops, stainless appliances and walk-in closets in most units. The Standard will also feature a select number of premium units that will be significantly larger and feature a pool table in the expanded living room.
Residents of The Standard will be able to take advantage of an amenity package not seen previously in downtown Athens. The community will offer on-site management as well as the following exclusive amenities: a roof-top, infinity edge swimming pool as well as a 10,900 square foot clubhouse that will include dual fitness centers – strength training and cardio studio, gaming lounge w/ multiple flat screen televisions, sauna, study rooms w/ coffee bar, golf simulator, tanning beds, and courtyard. Each unit will feature either a full or Juliet balcony perfect for enjoying the views of Athens’ nightlife. With parking in downtown Athens at a premium, residents will enjoy exclusive gated parking in a covered deck centrally located in the community.
According to Brian Thompson, Senior Vice President at Harrison Street, The Standard represents Harrison Street’s twelfth investment with Landmark Properties and the first non-cottage project. “Harrison Street is very proud of what our venture has accomplished over the last couple years. We look forward to continuing to grow the platform with the Landmark team.”
Landmark currently has over 2,600 beds under construction in Arizona, Pennsylvania, Mississippi, and now Georgia. The Standard represents the first of several urban infill projects the Company is pursuing to complement its “Retreat” brand of student cottage communities.
About Landmark Properties, Inc.
Landmark Properties is a fully-integrated real estate firm specializing in the development, investment and management of high-quality student housing communities across the country. Backed by a deep understanding of the markets, a commitment to quality and a strong track record of success, Landmark Properties is responsible for some of the premier student housing communities in the nation. Based in Athens, Georgia, Landmark, with its affiliate Collegiate Construction, have developed and constructed over $500 Million of student housing in the past few years. For more information, visit landmarkconstruction.jumpem.host.
About Harrison Street Real Estate Capital, LLC
Harrison Street is a real estate private equity firm founded in 2005 that directly and through its affiliates, has approximately $4.0 billion in Assets Under Management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the US real estate market. The firm currently owns approximately $3.5 billion in real estate assets consisting of over 250 properties in 38 states including over 27,000 student housing beds, more than 6,000 senior housing/assisted living units, over 1.4 million square feet of medical office space, and more than 72,000 self storage units. Additionally, Harrison Street Securities LLC currently manages over $500 million in REIT securities through distinct long only product offerings. For more information visit www.harrisonst.com