Landmark Announces $1 Billion Platform with ADIA for Value-Add Student Housing Acquisitions
ATHENS, Ga., March 23, 2022 /PRNewswire/ -- Landmark Properties (Landmark), a fully-integrated real estate firm specializing in the development, construction, acquisition and management of high-quality residential living communities, has formed a joint venture with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) initially targeting $1 billion for investments. The programmatic joint venture will focus on acquiring and operating value-add student housing properties in targeted markets throughout the United States.
Landmark's unique vertical integration of ownership, development, general contracting, and management allows for acquired property improvements to be planned and executed, creating value for the properties' residents and investors.
This new platform furthers a long-standing relationship between Landmark, the nation's largest student housing developer, and ADIA. Existing joint ventures between Landmark and ADIA comprise assets with nearly 15,000 beds in tier 1 university markets throughout the country.
"Landmark and ADIA have been aligned from the start of our relationship, seeing tremendous opportunity in top-tier student housing markets," said Wes Rogers, president and CEO of Landmark Properties. "We are confident we can find acquisition targets across the nation that will complement our existing development strategy. We are appreciative of the opportunity to expand our relationship with ADIA, one of the world's leading institutional real estate investors."
Salem Al Darmaki, Deputy Director of the Real Estate & Infrastructure Department at ADIA, said: "The expansion of our relationship with Landmark is an example of ADIA's approach of working with best-in-class partners to invest in market-specific, high conviction investment themes. This new joint venture offers the opportunity to continue to grow our exposure to student housing in the US, a sub-sector that continues to display compelling fundamentals."
With more than $8.3 billion assets under management, Landmark's portfolio includes nearly 90 residential communities across the country with approximately 55,000 beds under management. Landmark benefits from an active development pipeline with 16 student and multifamily projects under construction with an estimated value at $3.1 billion.
Hodes Weill Securities, LLC acted as financial advisor on behalf of Landmark Properties in connection with the formation and capitalization of the value-add student housing acquisition joint venture.
About Landmark Properties
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development and management of high-quality residential communities. With more than $8.3 billion assets under management, Landmark's portfolio includes nearly 90 residential communities across the country with approximately 55,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 16 student and multifamily projects under construction with an estimated value at $3.1 billion. Landmark's mission is to be the leader in development, construction, operations and investment management of luxury housing communities, by delivering unrivaled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com.
Established in 1976, the Abu Dhabi Investment Authority is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
SOURCE Landmark Properties