ATHENS, GA. June 12 2014— Athens based developer and student housing operator, Landmark Properties, announced today the closing of financing with construction lender Wells Fargo and commencement of construction on a student housing community adjacent to Oregon State University. The project will be owned by a joint venture between Landmark and Harrison Street Real Estate Capital. This project gives Landmark 4,429 beds of student housing currently under construction, with an additional 10,000+ 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 Western Blvd and 35th Street in Corvallis, Oregon, on this community of 330 one, two, three, four and five bedroom craftsman style cottages and garden apartments. The cottages will feature expansive living rooms, gourmet kitchens with granite countertops and stainless steel appliances, large bedrooms with spacious closets, built-in bookshelves, outdoor decks, and higher-end features not customarily found in conventional student housing.
“It is rare to find a site this large adjacent to a university the size of Oregon State. The proximity to campus, barriers to entry, and product differentiation will make this a truly unique project for years to come,” said Wes Rogers, president and CEO of Landmark. “We’ve been working on this deal for almost three years now, so it’s nice to finally put a shovel in the ground.”
The 1,016-bed cottage community will create a neighborhood lifestyle unique to the OSU student housing market. Retreat residents will enjoy their custom-built cottages, while also taking advantage of an unparalleled amenity package. The community will feature a 13,900+ sq ft clubhouse, which will showcase an exclusive fitness center, fully equipped with separate strength room, cardio rooms and racquetball court. Residents will also get to utilize the many other clubhouse amenities, including pool tables, gaming/study pods, tanning beds, cyber café, sports book-style social lounge, computer lab, and studying nooks as well as take advantage of The Retreat’s indoor bike storage unit.
Landmark’s “Retreat Student Cottage” concept has won numerous prestigious innovator awards in the past years, 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 $1 Billion of student housing in the past few years. For more information, visit www.landmarkproperties.com.
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