ATHENS, GA. July 3 2012— Athens based developer and student housing operator, Landmark Properties, announced today the closing of financing and commencement of construction on a $37.6 million student housing community near the University of Mississippi with its joint venture partner Education Realty Trust (NYSE:EDR). This project gives Landmark 3,486 beds—representing over $250 Million—of student housing currently under construction. The Company also has another 1,200 beds scheduled to break ground this Fall, and an additional 5,000+ beds in the pipeline.
Landmark is developing and constructing the 668-bed cottage-style community, which will be the first collegiate housing of this type at the University of Mississippi. Construction began at 2405 Anderson Road in Oxford, Mississippi on this community of 160 two, three, four, and five 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 Ole Miss,” 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 cottage community creates a neighborhood lifestyle unique to most college communities. Retreat residents will enjoy their custom-built cottages, while also taking advantage of the most extensive amenity package in Oxford. The community will house largest pool of any student community in Oxford, which will include sprawling tanning ledges and cabanas. Adjacent to the pool, an enormous clubhouse, showcasing an exclusive fitness center, fully equipped with separate strength and cardio rooms; a Zumba/Yoga center; and a spinning studio. Residents will also get to utilize the many other clubhouse amenities, including pool tables, gaming rooms, cyber café, sports book-style social lounge, computer lab, and studying nooks.
Landmark’s “Retreat Student Cottage” concept has won numerous prestigious awards in the past year, including MFE Magazine’s Student Project of the Year, as well as Student Housing Business’ Best Amenity Package for the second year in a row.
The University of Mississippi is a four-year, public institution founded in 1844 in Oxford, Miss., which consistently appears in lists of the top college towns in the nation. The fall 2011 enrollment of 16,586 was the largest in the university’s history and represents a 7% increase over the previous year. Since 2000, overall enrollment at the University of Mississippi has increased by 45%, representing an average annual increase of approximately 475 students. The University of Mississippi does not publish enrollment projections; however — based on recent historical performance — EdR and Landmark expect enrollment growth of approximately 4% for the next few years. This growth rate would increase enrollment by more than 1,560 students when this community is completed in fall 2013.
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 www.landmarkproperties.com.
“We’ve been working on entitling this site for two years now,” said Wes Rogers, President and Chief Executive Officer at Landmark Properties. “It will be impossible to replicate what we’re building here.”
The Retreat at State College will offer two, three, four, and five bedroom craftsman-style cottages in a community that will be located on the bus transit route for the Penn State campus. Each cottage has an open floor plan that will feature gourmet kitchens with granite countertops and stainless steel appliances, large bedrooms with walk-in closets, private bathrooms, built-in bookshelves, outdoor decks, high-speed internet/cable and higher-end features not customarily found in conventional student housing.
Residents of The Retreat will enjoy their custom-built cottages, while also taking advantage of the most extensive amenity package in State College. The community will house largest pool of any student community in State College, which will include a raised hot tub. Alongside the pool there will be bocce ball, sand volleyball court, an outdoor fireplace with a grilling area. The 15,600 sq ft clubhouse will showcase a fully-equipped fitness center with separate strength and cardio rooms; indoor basketball and racquetball courts; video gaming pods; and an amazing spa suite complete with a massage area, sauna, multiple tanning beds and manicure/pedicure stations. Residents will also get to utilize the many other clubhouse amenities, including a study lounge, gaming rooms, café, sports book-style gaming lounge, computer lab, and the golf simulator.
Landmark’s “Retreat Student Cottage” concept has won numerous prestigious awards in the past year, including MFE Magazine’s Student Project of the Year, as well as Student Housing Business’ Best Amenity Package for the second year in a row.
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 www.landmarkproperties.com.