Nine at Rio is a 347-bed student housing property located at the University of Texas – Austin.
ATHENS, GA—Student housing company Landmark Properties has purchased two student housing properties at the University of Texas -Austin and one student housing facility adjacent to Florida State University in Tallahassee, FL totaling 1,130 beds.
The Athens, GA-based firm acquired the three properties from 908 Group, which has offices in Tampa, Miami and Austin. No financial details on the sale transactions were disclosed.
The new properties in the Landmark portfolio are: The Nine at Rio, a 347-bed student housing property and The Nine at West Campus, a 345-bed student housing property, both located adjacent to the University of Texas – Austin; as well as The Nine at Tallahassee, a 438-bed student housing property that is adjacent to Florida State University.
Construction at The Nine at Rio and The Nine at Tallahassee were completed this fall, and The Nine at West Campus delivered last year. All three properties have strong occupancy rates, Landmark Properties states.
"This deal is indicative of our continued growth and expansion both in student housing development and acquisitions," Landmark Properties president and CEO Wes Rogers says "These are all high-quality housing options in high-demand pedestrian locations near flagship universities, and we look forward to bringing our proven property management approach to these communities and creating an unsurpassed living experience for residents."
This transaction is the second student housing acquisition for Landmark Properties in the past 30 days, and the second transaction completed in partnership with an investment group led by Ocean West Capital Partners.
Last month, Landmark announced its acquisition of Zaragon Place and Zaragon West, two properties in Ann Arbor, MI totaling 446 beds.
Landmark continues to pursue acquisition opportunities in markets across the country, and currently maintains a $4.1-billion owned properties portfolio.
Last month, Landmark Properties and Gilbane Building Company topped out of construction of a new high-rise residential development called The Standard at New Brunswick, located at 90 New Street in New Brunswick, NJ. The mixed-use development is located just 0.4 miles southeast of Rutgers main campus. Gilbane is providing construction management agency services for the construction of the 21-story tower in downtown New Brunswick to Landmark Properties.
In early September in time for the start of the fall semester, Landmark opened nine new student housing developments valued in excess of $950 million. The new deliveries total 6,166 beds and are located in North Carolina, Arizona, Alabama, Texas, Illinois, Florida and Pennsylvania.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
