Athens, Ga. (February 6, 2012)— Landmark Properties, in a venture with Harrison Street Real Estate Capital, LLC, announced today the start of construction on a 774 bed student cottage development in Tucson, Arizona. This project will be purpose-built to serve the students of The University of Arizona. The Retreat at Tucson represents the first of several 2013 deliveries for the Landmark and Harrison Street partnership. The partnership currently has 2,818 beds under construction, with roughly 5,000 additional beds in the pipeline. The Retreat at Tucson is the 9th development project undertaken by the Landmark/Harrison Street partnership, representing roughly $400 Million in new construction in less than three years.
Collegiate Construction, an affiliated entity of Landmark Properties, is the general contractor for the new development. Construction financing is being provided by Wells Fargo.
“The supply and demand fundamentals of the Tucson market warrant construction of a student cottage community in this location. While there is additional supply in the pipeline, our location is impossible to replicate for a comparable development. The barriers to entry in this market dictate that additional supply close to campus will be more vertical in nature, while the only opportunities for a garden-style or cottage development at a comparable basis will be significantly further from campus. Our team worked diligently over the past 18 months to assemble the necessary land for this project, and we feel that our efforts will be well-rewarded with a successful project,” said Wes Rogers, Landmark Properties’ CEO. “Our continued partnership with Harrison Street allows us to expand our cottage concept across the nation. We’re very excited about our pipeline.”
“We look forward to providing the Tucson market with a high-end, cottage-style product close to campus. Our successful track record with Landmark allows us to further expand our platform within the broader student housing sector,” said Harrison Street’s Senior Vice President, Brian Thompson
Located just over a mile south of campus, the new development will expand more than 21 acres and is set to offer two, three, four, five, and six bedroom cottages. This project will be the first of its kind to offer a six bedroom/ six bath student cottage. The community will be comprised of 183 residential units with 774 beds for individual leasing. Sixteen different floor plans will be offered, allowing students to customize their living experience. The cottages will feature expansive living rooms, gourmet kitchens with granite counter-tops 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.
Retreat residents will enjoy their custom-built cottages, while also taking advantage of the most extensive amenity package in Tucson. The Retreat will be home to the largest pool of any student community in Tucson, which will include sprawling tanning ledges and cabanas. Adjacent to the pool, a roughly 10,000 square foot clubhouse, showcasing a private spa, will include a wide variety of treatments including massage therapy, facials, nail care, and spray tanning. Students can also utilize the exclusive fitness center, fully equipped with separate strength and cardio rooms; a Zumba/Yoga center; and a spinning studio. Various group classes will take place during the school year each week. 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.
Preleasing for fall 2013 will commence this summer at a temporary leasing center in Tucson. More information will become available through the community’s website and Facebook page.
About Landmark Properties
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 roughly $500 Million worth of student housing in the past several years. For more information, visit www.landmarkproperties.com.
About Harrison Street Real Estate Capital, LLC
Harrison Street Real Estate Capital is a commercial real estate private equity firm established in 2005. The firm focuses exclusively on the education, healthcare and storage segments of the US real estate market. The firm, on behalf of Harrison Street Real Estate Partners I, II and III and its REIT Securities Division, has more than $3.0 billion in assets under management. The firm currently owns approximately $2.7 billion in real estate assets which includes over 18,000 student housing beds, 5,300 senior housing / assisted living units, over 62,100 self-storage units 1.1 million square feet of medical office space and 3,300 dry & wet boat storage. This portfolio makes Harrison Street one of the largest managers dedicated to these demographic-based real estate sectors. For more information on Harrison Street please visit www.harrisonst.com.