The Abu Dhabi Investment Authority (ADIA) and Landmark Properties have expanded their student housing investment partnership with a new $2bn (€1.9bn) build-to-core venture.
Landmark said the new venture, which has been created with an unnamed subsidiary of the Abu Dhabi sovereign wealth fund, will focus on developing and operating student housing properties in targeted markets throughout the US. The venture has already identified multiple potential development opportunities, Landmark said.
Landmark and ADIA already have existing joint ventures which comprise assets with nearly 17,400 beds in tier 1 university markets throughout the US.
The pair’s most recent venture, announced in March, was a $1bn value-add student housing platform which seeks to acquire and operating properties in targeted markets throughout the US.
Wes Rogers, president and CEO of Landmark Properties, said: “Our vertically integrated platform has never been more of a competitive advantage than it is today. 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.”
Rogers said Landmark’s team delivered billions worth of student housing properties on time and under budget during Covid.
“We remain disciplined in our strategy of growing the highest quality student housing portfolio in the country,” said Rogers.
“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 US. This latest joint venture offers the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.”
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