Landmark Properties to Develop Purpose-Built Residential Community to Serve University of Southern California Students

Rhea-AI Summary

Landmark Properties has announced plans to develop a new 435-unit student apartment community near the University of Southern California (USC) in Los Angeles, with construction starting by the end of 2023. The development aims to provide over 1,500 beds by Fall 2026, featuring various floor plans and amenities including gourmet-style kitchens, luxury finishes, and a rooftop pool. The community will also reserve 87 units for low-income residents. Landmark, a leader in student housing, emphasizes its commitment to enhancing living options for USC students.

Positive

• Development of a second 435-unit student apartment community near USC.
• Plans to provide over 1,500 beds for students by Fall 2026.
• Development includes 87 units for low-income residents, enhancing community support.
• Features luxury amenities, which may attract higher occupancy rates.

Negative

• None.

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 39^th 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

FAQ

What is Landmark Properties developing near USC?

Landmark Properties is developing a 435-unit student apartment community near the University of Southern California.

When is construction expected to start for the new USC student housing?

Construction is expected to begin by the end of 2023.

How many beds will the new development provide for students?

The new development is expected to provide over 1,500 beds by Fall 2026.

What amenities will be included in the USC student housing project?

The project will include gourmet kitchens, luxury finishes, a rooftop pool, and various common area amenities.

Will there be affordable housing options in the new USC development?

Yes, the development will reserve 87 units for low-income residents.