Tuesday, January 17, 2023

Major Student Housing Developer Plans Second Project Near Drexel University in Philadelphia

 By Richard Lawson CoStar News

One of the nation’s largest student housing developers and investors plans to build its second project near two Philadelphia universities.

Landmark Properties announced Thursday that a new 363-unit tower called The Mark will rise 34 stories within a few blocks of the University of Pennsylvania, an Ivy League school, and Drexel University.

The project also includes 55,938 square feet of existing historic office space next to the tower. Renderings provided by the developer appear to show the tower rising next to The Ralston House, a building constructed in the 1880s as a home for indigent, elderly women, according to documents on file with the city of Philadelphia. The University of Pennsylvania currently uses The Ralston House as office space.

The Athens, Georgia-based firm is well underway on construction of The Standard at Philadelphia, a 280-unit property a short distance from The Mark. The Standard is scheduled to open this fall with The Mark following in 2026.

Last year was a record year for Landmark. It did $4.7 billion in transactions to bring assets under management to $10.4 billion, the most in the company’s 20-year history. The firm also struck two deals with the Abu Dhabi Investment Authority, a sovereign wealth fund that invests on the Middle Eastern country's behalf, totaling $3 billion to buy properties and build new ones. Landmark closed out the year teaming up with Canadian investor Manulife Investment Management to build student housing, starting with a development near the University of Connecticut.


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