November 2023

O wners , D evelopers & M anagers

M id A tlantic Real Estate Journal — Section C

Student housing developer brings ten new off-campus properties to flagship universities Landmark Properties delivers record-number of student housing properties for 2023-2024

HI-LIGHTS NOVEMBER 2023 estate firm specializing in the development, construc- tion, investment management, and operation of high-quality residential communities, has wrapped up a successful fall move-in season with the de- livery of ten new properties – 8,195 beds – near flagship universities. Totaling $2 billion in value, it is the largest off- campus single-year portfolio ever delivered in the student housing sector and accounts A THENS, GA — Land- mark Properties , a fully-integrated real Russo & River Development's Kearny facility set for late 2023 delivery

projects in 2023. The latest round of student housing projects delivered by Landmark this year span sev- eral of its widely recognized brands, such as The Standard, The Mark, The Retreat, and The Metropolitan. The new student housing projects that opened this fall includes: • The Standard at College Park — University of Maryland • The Standard at Columbia — University of South Carolina • The Standard at Bloomington – Indiana University • The Standard at Philadel - phia — University of Pennsyl - vania and Drexel University • The Standard at Seattle — University of Washington • The Retreat at Fayetteville – University of Arkansas • The Legacy at Centennial – Georgia State University and Atlanta University Center Consortium • The Mark Austin – Univer - sity of Texas • The Metropolitan Gainesville – University of Florida MAREJ

future. I’m proud of the team’s successful execution of this record number of deliveries.” As part of Landmark Proper - ties’ vertically integrated pro- cess, the firm’s construction arm, Landmark Construc- tion , served as the general contractor for seven of the ten properties delivered this fall. By leveraging expert design to facilitate the construction and completion of many of the communities it manages, Landmark has dedicated re- sources – on- and off-site -- for every project from start- to-finish, with high-quality, low-cost results that reflect the ultimate off-campus student living experience. With more than $11.7 billion in assets under management across more than 100 proper- ties – 68,000 beds –Landmark has been named the top stu- dent housing developer by Stu- dent Housing Business for the last seven years. The company is also delivering four non- student housing residential

The Standard at Bloomington

for more than one quarter of all student housing deliveries this fall. “Student housing continues to outperform other real estate asset classes, providing stable cash flow during the Great Fi - nancial Crisis, Covid, and now, in the face of historic rate in- creases and challenged capital markets. From an operational standpoint, student housing has never performed better,”

said Wes Rogers , president and CEO of Landmark Proper - ties. “We’re experiencing record rent growth and occupancy. The challenging capital mar- kets and elevated construction costs are making development deals more difficult to pencil, but with steady enrollment growth at the top universities, the supply and demand funda- mentals should continue to be very strong for the foreseeable

Larken Associates celebrates completion of multifamily communities in Bordentown and Readington, New Jersey

nity clubhouse; fitness center; dog washing salon; heated outdoor pool; and covered out- door pavilion with a lounge, fireplace and televisions, pool rinsing showers and BBQ grilling stations. The Ridge at Readington features a mix of 168 one and two-bedroom garden apart- ments spread across seven buildings and 86 one and two-bedroom residences in two elevatored buildings. Complementing The Ridge at Readington’s luxury residen- tial options is a resort-style amenity package with a state- of-the-art clubhouse with a theater room and lounge; an outdoor heated pool with tanning ledge, and sidewalks throughout the property. Larken Associates is cur- rently in the midst of strate- gic capital improvements at several of the 19 communi- ties that make up its Larken Living portfolio. MAREJ

BORDENTOWN AND READINGTON, NJ — Larken Associates an- nounced the completion and full lease-up of The Reserve at Crosswicks, a 272-unit luxury multifamily community lo- cated at 8000 Bowery Lane in Bordentown, and The Ridge at Readington, a 254-unit, luxury multifamily community located at 100 Eagle Crest Way in Whitehouse Station. The completion of the two communities highlights the continued growth of Larken Associates’ Larken Living portfolio. Over the last four years, the firm brought 1,022 new residences to the market and also added several exist- ing communities across New Jersey and Pennsylvania to its portfolio. "The successful completion and lease-up of The Reserve at Crosswicks and The Ridge at Readington serve as a tes- tament to the dedication and

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The Ridge at Readington

expertise of our team which I believe is the best in the industry," said David Gard- ner , president and CEO of Larken Associates. "Together we are focused on expanding our Larken Living portfolio as we execute several residential developments that we have in the pipeline.” The Reserve at Crosswicks is comprised of three four-sto-

ry buildings consisting of one and two-bedroom elevatored apartments and four three- story buildings containing one and two-bedroom gar- den apartments. Designed to provide residents with an unmatched luxury living experience, the community includes a wide array of both indoor and outdoor amenity offerings including a commu-


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