Landmark Properties Enters the Multifamily Market
The student housing investor has partnered with Atlanta-based Haven Communities to transition into the multifamily space.
Student housing developer Landmark Properties has entered into the multifamily space through a series of property transactions from the Haven Communities pipeline. The expansion involves the integration of the Haven team including their CEO, Jay Williams. As a result of this growth, Landmark will have $7.8 billion in assets under management in the US
Landmark’s move into the multifamily sector is a natural progression, according to CEO Wes Rogers. The company is already vertically integrated—with general contracting, development, investment management and property management teams—all in house, giving it control over the project from conception to exit. “While the multifamily space is certainly more competitive than the student housing sector, we feel that our strategy along with our execution capabilities will enable us to create outsized risk adjusted returns for us and our partners over the long term,” said Wes in a statement. Jay Williams, Haven founder and CEO, and the former Haven team will launch the multifamily division for landmark.
Over the next two years, Landmark will develop two new multifamily properties in Sunbelt growth markets. The platform will focus on markets in the Southeast. The region has experienced substantial growth, making it the top target for multifamily capital. While Landmark didn’t list its target cities, Florida and Texas are the most highly sought-after markets in the region, although Lubeck says that all major markets in the Sunbelt are outperforming expectations. South Florida, Orlando, Jacksonville and Tampa in Florida and Dallas, San Antonio and Austin in Texas are the most active investment markets.
The Southeast is experiencing substantial population and employment and income growth that is forecast to outpace the US average by 2x over the next five years, making it a prime location for apartment investors and a breeding ground for mega deals. Starwood Real Estate Income Trust announced this week that it had acquired a multifamily housing portfolio of 15,460 units located in 62 communities from Strata Equity Group, a privately held real estate investment and management company based in San Diego. Terms of the transaction were not disclosed.
Landmark also previously launched a build-to-rent division. The multifamily platform will marry with that segment of the business.