ATHENS, GA. August 9 2013— Athens based developer and student housing operator, Landmark Properties, announced today the closing of financing with construction lender PNC and commencement of construction on a student housing community near the University of Central Florida. The project will be owned by a joint venture between Landmark and Harrison Street Real Estate Capital. This project gives Landmark 4,130 beds—representing over $370 million—of student housing currently under construction, and an additional 9,000+ beds in the pipeline.
Landmark will be the developer and, through its affiliate, Collegiate Construction, will also serve as the general contractor for the project. Construction will begin on Colonial Drive between Alafaya Trail and Rouse Road in Orlando, Florida on this community of 221 two, three, four, five and six bedroom craftsman style cottages. The cottages will feature expansive living rooms, gourmet kitchens with granite countertops and stainless steel appliances, large bedrooms with walk-in closets, built-in bookshelves, outdoor decks, and higher-end features not customarily found in conventional student housing.
“We are excited to bring the student cottage concept to the students of UCF,” said Wes Rogers, president and CEO of Landmark. “We expect our Retreat-branded student cottage community to be well-received in the market, just like it has in numerous other college communities across the country.”
The 894-bed cottage community will create a neighborhood lifestyle unique to the UCF student housing market. Retreat residents will enjoy their custom-built cottages, while also taking advantage of the most extensive amenity package in Orlando. The community will feature the largest pool of any student community in Orlando, which will include multiple private cabanas and a relaxing hammock grove. Adjacent to the pool, an 11,000+ sq ft clubhouse, will showcase an exclusive fitness center, fully equipped with separate strength and cardio rooms, and a yoga center/mix-use fitness space that will feature Fitness on Demand programming. Residents will also get to utilize the many other clubhouse amenities, including a sauna and spa, pool tables, gaming/study pods, numerous tanning beds, cyber café, sports book-style social lounge, computer lab, and studying nooks.
According to Brian Thompson, Senior Vice President at Harrison Street, “The Retreat at Orlando represents Harrison Street’s thirteenth investment with Landmark Properties. Our ability to raise capital coupled with Landmark’s ability to identify high quality sites and execute a sound business plan makes for a stable and very successful relationship.”
Landmark’s “Retreat Student Cottage” concept has won numerous prestigious innovator awards in the past year, including Student Housing Business’ Best New Development, Most Creative Financing and Best Architecture.
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 $5.5 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 $4.5 billion in real estate assets consisting of over 250 properties in 38 states including over 28,000 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 $900 million in REIT securities through distinct long only product offerings. For more information visit www.harrisonst.com