Landmark Properties has formed a joint venture with Liberty Mutual Investments (LMI), the investment firm for Liberty Mutual Group, for the acquisition and development of two student housing communities.
The team will develop and deliver The Mark State College, a 12-story purpose-built community with 515 beds serving Penn State, and The Mark Mansfield, a nine-story student housing project with 740 beds serving the University of Connecticut.
This is the first venture between Landmark and LMI. It also marks an expansion of LMI’s student housing platform, which includes approximately 17,000 beds. TSB Capital Advisors arranged financing for both transactions.
“We’re excited about forging this relationship with LMI and look forward to working together on future initiatives,” said Walt Templin, president and chief investment officer of Landmark Properties. “Our shared commitment to providing housing options in university communities will help students excel in their academic careers while also reducing the pressure on the local housing market.”
Located in the supply-constrained Storrs, Connecticut, market, The Mark Mansfield is slated to include a state-of-the-art fitness center and clubhouse, a sauna, a nearly pool-sized hot tub, a study lounge, a computer lab, a gaming lounge, and bicycle parking.
The Mark State College is LMI’s third investment in student housing within the Penn State market. It will feature a rooftop pool and hot tub with campus views, a jumbotron, a fitness center, a sauna, a grilling area, and fire pits. Plans also call for a sports simulator; a study lounge with a cafe and a computer lab; and bicycle and scooter parking.
“These properties represent exceptional opportunities to deliver premier off-campus student housing at thriving universities—communities that will attract students and provide long-term value for residents,” said Christopher Finn, LMI’s managing director and head of real estate. “We are excited to expand LMI’s student housing platform with Landmark, a leading developer of purpose-built, best-in-class student housing.”