Landmark Properties has been a prolific developer in student housing, building a vertically integrated platform that spans development, construction, acquisitions, and investment management. It is building on that expertise to expand into build-to-rent (BTR) housing, international markets, and a newly launched senior housing platform.
The firm comes in at No. 25 on this year’s National Multifamily Housing Council’s top developers list, starting 1,995 units last year. NMHC’s 2026 lists include BTR for the first time.
President and chief investment officer Walt Templin discusses how Landmark is navigating today’s development headwinds, what fueled one of the most active years in the company’s history, and why the firm sees senior housing as a natural next step in its residential continuum strategy.
What have been the biggest challenges for developers over the past year, and how are you navigating them?
The persistence of elevated construction costs and a still-complex financing environment has created real headwinds for the industry—and, frankly, it has separated the field. Many developers have pulled back, paused pipelines, or simply can't access capital in this environment. Landmark has continued to do deals. Our vertically integrated platform—with Landmark Construction in-house—gives us cost certainty and delivery confidence that most of our peers can't match, and our deep institutional capital relationships mean we're not dependent on a market that has become increasingly selective. The challenges are real, but for a firm with our platform and track record, this environment is as much an opportunity as it is a headwind.
What did 2025 look like in terms of development starts, acquisitions, and capital deployment for Landmark?
2025 was one of the most active years by volume of new student housing development in Landmark's history. We closed the year with over $15 billion in assets under management, launched $2 billion in new development starts across 10 major projects, and saw Landmark Construction reach $4 billion in under-construction volume. We also delivered six new student housing communities for fall 2025 and acquired a number of student housing projects during the year, adding more than 6,800 beds to the portfolio.
On the capital deployment side, we closed approximately $3.5 billion in transactions across development, acquisitions, recapitalizations, and dispositions—including the largest single transaction in the student housing sector this year, a portfolio deal valued at over $1 billion. Strong institutional partnerships and continued sector performance were the key drivers, and we enter 2026 with significant momentum across both the development pipeline and our operating portfolio.
What's in the 2026 pipeline?
Our development pipeline is robust, with over $10 billion in total projects across various stages of development for delivery over the next several years. In terms of deals under construction, we have six communities delivering for fall 2026, eight projects under construction for 2027 delivery, and a few underway for 2028. We're also actively growing our international presence, with a few projects in various stages of the development pipeline in the United Kingdom, and have a number of BTR projects in the 2026 pipeline as well. Across student housing, BTR, our international portfolio, and our newly launched senior platform, the development engine is as active as it has ever been with 2026 tracking to be another very active year for Landmark.
What made senior housing the right next step in your residential continuum strategy?
When we look at the sector, we see the same conditions that made student housing compelling for us two decades ago—exceptional demand fundamentals, a supply pipeline that isn't keeping pace, and a resident base that will demand far more from the product than what currently exists. We're seeing the baby boomer generation demand design-forward, amenity-rich, experience-driven communities—exactly what we've been delivering to student residents for 20 years.
What capabilities translate from student housing to senior housing—and where are the biggest differences?
The transferable capabilities start with the platform: vertically integrated development, construction, acquisition, and investment management, along with two decades of experience building communities where resident experience is the product. The differences are real, and we don't minimize them—senior housing involves a care delivery component, a more complex regulatory environment, and a differently structured operator relationship. That's why we're bringing in-house expertise from the sector and looking at partnership opportunities with best-in-class groups in this space.
What is driving your continued push in student housing while expanding into senior housing?
The demand story in student housing in the markets we focus on continues to be strong. Enrollment growth at Tier 1 and flagship universities is outpacing new supply. We continue to invest because the fundamentals justify it and because we've built a platform that can deliver at a standard that leads the sector.
How are today's capital markets, construction costs, and university enrollment trends shaping your student housing pipeline?
Capital markets have stabilized but remain selective, which creates a two-tier environment—well-capitalized sponsors with proven execution track records can access debt and equity, while many others can't. That dynamic favors Landmark. We have deep institutional capital relationships, in-house construction that provides cost certainty, and a portfolio of operating assets that demonstrates performance to prospective investors. On enrollment, we focus on Tier 1 and flagship universities with growing full-time undergraduate enrollment, expanding graduate programs, and chronically undersupplied purpose-built housing—and those markets continue to show compelling risk-adjusted fundamentals.
Tell me about a development that recently opened or is set to open this year that you're excited about.
We have so many amazing projects either recently delivered or coming down the pipeline in the near future that it is hard to choose one. That said, The Legacy at Ann Arbor is a project I'm genuinely proud of. The development was a complex project that incorporated a portion of the historic Michigan Theater. The community was recently recognized with an award for Best Use of Green and Sustainable Construction, designed to LEED Silver equivalency standards, and is located a short walk from the Diag at the University of Michigan—truly a great project in a great university town.