Student housing developer Landmark Properties is expanding into the build-to-rent market, with a focus on developing quality single-family rental home neighborhoods.
Headquartered in Athens, Georgia, the firm is building a 7,995-square-foot office on the fifth floor of One Buckhead Plaza in the heart of Atlanta’s Buckhead neighborhood to house the new division as well as provide space for its growing corporate and development teams.
“While we pride ourselves on our deep roots in Athens, we also recognize the deep pool of talent in Georgia’s capital city and look forward to growing our presence in Atlanta,” said president and CEO Wes Rogers. “Our business has grown across the country both organically in our student housing business as well as expanding into new verticals like build-to-rent. To attract and retain the best talent in the industry, and better host our growing list of partners, we felt opening an additional office in the heart of Buckhead was a wise decision.”
According to Rogers, the demographics are prime and the opportunities are ripe to enter the single-family build-to-rent market. Landmark points to census data that found that only 38.1% of households younger than 35 were homeowners in the first quarter of 2021 as well as an Urban Land Institute study that reported millennial homeownership to be 8% lower than the rates of Generation X and baby boomer households at the same age.
“The demographics are right, the opportunity is there, and we have an integrated, scalable platform that will allow us to efficiently find land, work with communities to understand the value that we bring, and develop high-quality communities,” said Rogers. “As our country and region navigate a demographic transition, we are well positioned to build a variety of housing types for not just college students but others who desire an unmatched rental experience.”
Landmark’s build-to-rent offering will help more renters move into single-family homes as their family needs change without requiring them to save for a down payment or incur the costs of homeownership, according to the firm.
“As millennials move into the stage where they wish to move out of apartments, single-family houses for rent have become an important way for the generation to take advantage of the benefits to a neighborhood without the long-term financial commitment to homeownership,” said Blair Sweeney, managing director of Landmark’s build-to-rent division. “We are excited to bring our track record of quality housing and unparalleled property management to a new segment of the market.”
Landmark has 18 developments under construction—including The Retreat on Milledge near the University of Georgia, The Retreat at Orlando near the University of Central Florida, The Standard at Ann Arbor near the University of Michigan, and The Standard at Seattle near the University of Washington—representing more than $3.5 billion in value.
