Landmark Properties, Inc., in a venture with Harrison Street Real Estate Capital, LLC, announced today the start of construction on a $47 million 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, bringing the current Retreat portfolio to 4,261 cottage bedrooms with an additional 2,044 beds, in three markets, under construction for fall 2012.
Collegiate Construction, an entity of Landmark Properties, is the general contractor for the new development and Wells Fargo will be providing the construction loan.
“With the University’s publicized Five-Year Strategic Plan to grow enrollment by 17%, we feel that The Retreat is poised to be well received in this marketplace.” said Wes Rogers, Landmark Properties’ CEO. “Our continued partnership with Harrison Street allows us to expand our cottage concept across the nation, while perfecting the craft.”
As The University of Arizona continues to grow their enrollment, increased demand for off campus housing will also rise. The Retreat at Tucson will help to accommodate this emergent demand. Located approximately 1.5 miles 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 cottage called the “Finley.” 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.
These 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.
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, multi-tiered pool in Tucson, which will include sprawling tanning ledges and cabanas. Adjacent to the pool, a 9,500 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 melt away stress and then head over to the exclusive fitness center; fully equipped with separate strength and cardio rooms, a Zumba/Yoga center, and a spinning studio for the cycle enthusiasts. Various group classes will take place during the school year each week. Once the workout is over, recreational time will be spent picking up a game of pool, enjoying numerous sporting courts or hosting a tailgate event on the lush greenspace areas. It’s no wonder Landmark’s “Retreat Student Cottage” concept has won numerous 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.
Landmark Properties/Harrison Street in Tallahassee—Add One
“Inclusive of these latest projects, our portfolio with Landmark will total approximately 4,000 beds. We are committed to further expanding the platform given our success with both Landmark and our other investments within the broader student housing sector,” said Harrison Street’s Senior Vice President, Brian Thompson.