ATHENS,
Ga., March 8, 2023 /PRNewswire/
-- Landmark Properties, a fully-integrated real estate firm
specializing in development, construction, investment management,
and operation of high-quality residential communities, announces
plans to develop a second student apartment community in the
Los Angeles market. Construction
is scheduled to begin by the end of 2023 on the 435-unit community
located 0.3 miles from The University of
Southern California's campus. The new residential community
will be one of the largest purpose-built student housing
developments at USC. While plans are
still progressing, Landmark expects to deliver more than 1500 beds
for the Fall of 2026.
“We are excited to break ground on our
first project at USC,” said Landmark President and CEO Wes Rogers.
"We are excited to break ground on our first project at
USC," said Landmark President and CEO
Wes Rogers. "As the nation's
largest developer of student housing serving students at Tier 1
universities across the country, we have been attracted to the
USC market for some time. We look
forward to providing more USC
students with a luxury off-campus living option steps from
campus."
Located at the corner of West 39th and South Figueroa
streets in "the New Ninth" district of Los Angeles, the site was acquired from Ventus
Group, an Orange County based
mixed-use developer. "This was a complex land assemblage and
entitlement process that our team worked on for many years to
create this rare, urban infill opportunity," said Scott Gale, CEO of Ventus Group. "A project of
this magnitude requires patience, persistence and vision, and it is
rewarding to be an integral part of something that is set to have a
big impact."
"This asset represented a true labor of love given the
difficulty and time associated with the land assemblage," said
Kevin Shannon, Co-Head of Newmark's
U.S. Capital Markets group. "This best-in-class student housing
development will be an attractive addition to the USC community."
The residential community will offer several distinct
floorplans, ranging from studio to five-bedrooms. The careful
design of these units will stand out to potential residents when
weighing options among comparable apartments. The development will
also include 87 units reserved for those identified at the
low-income level or below.
Apartments in the development feature a gourmet-style kitchen
with ample cabinet space, quartz countertops and stainless
appliances. Each residence comes fully furnished with washers and
dryers, offers luxury vinyl tile flooring, and includes
technology-related amenities in the common living area, along with
high-speed internet and cable included with rent.
Additionally, residents will enjoy clubhouse and social
amenities in several areas of the community, most notably on the
rooftop level adjacent to a resort-style pool. The lounge, computer
lab, and fitness center amenities will be open 24-hours for
convenience. The rooftop outdoor amenity spaces add more
opportunities for recreation and socialization with a grilling area
and pool. In addition to the fully programmed amenity package, the
apartment community will include over 20,000-square-feet of retail
fronting Banc of California Stadium. Onsite parking will be
available for residents and retail guests.
Construction on the development is expected to be complete ahead
of the fall 2026 semester. The proximity to campus attractions will
provide quick and convenient options for students commuting to and
from campus. In addition to on-site retail, residents will be a
brief stroll to popular shopping and restaurants, including
Chick-fil-A, Subway, and McDonald's.
Landmark Urban Construction will serve as general contractor for
this project. Newmark's Shannon, Executive Managing Directors
Ken White, Greg Galusha and Bryan
Norcott, Vice Chairman and Head of Newmark's Student Housing
group Ryan Lang and Director
Jack Brett, in cooperation with
Senior Managing Director Chris
Benton and Managing Director Anthony
Muhlstein brokered the deal, along with Eric Bergstrom at Bergstrom Capital
Advisors.
The University of Southern
California is the oldest private research university in the
state and has an enrollment of 49,500 students.
About Landmark Properties
Headquartered in Athens, Ga., with
an office in Atlanta, Landmark
Properties is a fully integrated real estate firm, specializing in
the acquisition, development, and management of high-quality
residential communities. With more than $11
billion assets under management, Landmark's portfolio
includes almost 100 residential communities across the country with
nearly 65,000 beds under management. Additionally, Landmark
benefits from an active development pipeline with 22 student and
multifamily projects under construction with an estimated value at
$4.4 billion. Landmark's mission is
to be the leader in development, construction, operations, and
investment management of luxury housing communities, by delivering
unrivaled service and experience to residents, partners and
employees. For more information,
visit www.landmarkproperties.com.
About Ventus Group
Ventus Group focuses on
opportunistically assembling properties for mixed-use and
residential developments in core infill areas. The team is
well-versed in every phase of the development process and brings a
unique combination of vision, experience, discipline, and
dedication to the challenges associated with complex real
estate opportunities to deliver unparalleled value to the
stakeholders of every investment. For more information,
visit www.ventusgroup.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark's company-owned
offices, together with its business partners, operate from
approximately 180 offices with nearly 6,700 professionals around
the world. To learn more, visit nmrk.com or follow @newmark.
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SOURCE Landmark Properties