Leading student housing developer Landmark Properties has formed a joint venture with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) initially targeting $1 billion for investments. The joint venture will focus on acquiring and operating value-add student housing properties in targeted U.S. markets.

Wes Rogers, president and CEO, Landmark Properties
Wes Rogers, president and CEO, Landmark Properties

Landmark Properties, a fully integrated real estate firm specializing in the development, construction, acquisition, and management of residential living communities, has had a long-standing relationship with ADIA. Existing joint ventures between the two firms comprise assets with nearly 15,000 beds in tier one university markets.

“Landmark and ADIA have been aligned from the start of our relationship, seeing tremendous opportunity in top-tier student housing markets,” said Landmark Properties president and CEO Wes Rogers. “We are confident we can find acquisition targets across the nation that will complement our existing development strategy. We are appreciative of the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.”

Salem Al Darmaki, deputy director of ADIA’s Real Estate & Infrastructure Department, echoed Rogers.

“The expansion of our relationship with Landmark is an example of ADIA’s approach of working with best-in-class partners to invest in market-specific, high-conviction investment themes,” he said. “This new joint venture offers the opportunity to continue to grow our exposure to student housing in the U.S., a subsector that continues to display compelling fundamentals.”

Hodes Weill Securities acted as financial adviser for Landmark Properties in connection with the formation and capitalization of the value-add student housing joint venture with ADIA.

With more than $8.3 billion of assets under management, Landmark Properties’ portfolio comprises nearly 90 communities with approximately 55,000 beds under management. It has an active development pipeline with 16 student and multifamily developments under construction.