DealmakingInvestingM&A / FundingProptech

Landmark announces $2B build-to-core venture with ADIA

Firm says venture adds reaffirms existing relationship and claims to have already pre-identified potential development opportunities.

Landmark Properties, a real estate development, construction, acquisition and management firm, today announced forming a $2 billion build-to-core student housing joint venture with a wholly-owned subsidiary of ADIA, according to a press release.

The firm says the joint venture with ADIA (Abu Dhabi Investment Authority) will focus on developing and operating student housing properties in target markets throughout the U.S., and claims to have already pre-identified multiple potential development opportunities.

Landmark also noted this venture follows a previous $1 billion value-add student housing platform formed by Landmark and ADIA, announced in March 2022, and says it represents an additional commitment to an “already long-standing relationship between the two organizations.”

“Our vertically integrated platform has never been more of a competitive advantage than it is today,” stated Wes Rogers, President and CEO of Landmark Properties. “The ability to accurately estimate and better control costs with our in-house general contractor is incredibly valuable in this inflationary environment with supply chain disruptions. Our team has delivered billions worth of student housing properties on time and under budget during Covid.”

Existing joint ventures and comprise assets between ADIA and Landmark, which claims to be the nation’s most active student housing developer, include 17,400 beds in Tier 1 university markets throughout the country, according to the release.

Landmark says that across its entire portfolio it has posted a 7.5% year-over-year rent growth rate, and claims to have established a 98.6% preleased occupancy rate for the 2022/2023 academic year. The firm also says it currently holds almost $10 billion in assets under management, including almost 100 residential communities and 58,000 beds.

It also claims to have 21 student and multifamily projects under construction, with an estimated value of $3.7 billion.

“We remain disciplined in our strategy of growing the highest quality student housing portfolio in the country. Student housing continues to demonstrate, in all market cycles, a resilient asset class with strong fundamentals, and we continue to see compelling opportunities for development throughout the U.S. This latest joint venture offers the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors,” said Rogers.

In other recent proptech news, Atlas Real Estate announced reaching $2.5 billion in assets management. Commercial real estate brokerage and marketplace SquareFoot also appointed a new CEO to replace founder Jonathan Wasserstrum.

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