Landmark Properties has raised an initial $140m (€120m) towards a $500m target for Landmark Realty Partners II, its latest value-add US student housing fund.
Wes Rogers, chairman and CEO of Landmark Properties, said: “The support we have received at this initial closing reflects the confidence our partners place in Landmark’s vertically integrated platform and will allow us to immediately capitalise on the attractive value-add opportunity we see in student housing today.
“We have spent more than two decades building, owning, and operating student housing communities, and that experience gives us a differentiated ability to be highly selective in identifying well-located assets that are undermanaged or undercapitalised and drive attractive risk-adjusted returns through our fully integrated platform.”
Walt Templin, president and CIO of Landmark Properties, said: “As we continue to see this opportunity accelerate over the next two to three years, a large share of the sector is still owned by non-institutional or non-student housing-focused groups.
“We are able to acquire high-quality assets in great locations that are well-occupied but under-rented. With our in-house leasing, property management, and capital projects teams, we can address both the operational and the physical side of the business plan.”
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