Fully integrated real estate firm Landmark Properties has formed a build-to-core joint venture with Manulife Investment Management that will focus on the development and operation of residential communities in targeted markets. Its first project will be the development of The Standard at Four Corners at the University of Connecticut in Storrs.
“Landmark is excited to partner with Manulife Investment Management on the development of The Standard at Four Corners,” said president and CEO Wes Rogers. “This represents the first investment in our new build-to-core venture with Manulife Investment Management. Landmark continues to attract institutional capital to the student housing space due to our track record of success, vertical integration, and outperformance during challenging economic times.”
Ready for occupancy in August 2025, the 890-bed development will offer several floor plans ranging from studio to three-bedroom apartments. Each fully furnished apartment will feature a gourmet-style kitchen with ample cabinet space, quartz countertops, and stainless steel appliances as well as hardwood-style flooring. Residents will have access to technology-related amenities, such as high-speed internet and cable, 24-hour study lounges, a fitness center, and a computer lab. Additional resort-style amenities include a gaming lounge, a heated pool, a hot tub, and fire pits. The development also will feature 14,500 square feet of ground-floor retail space.
“Manulife Investment Management is proud to partner with Landmark Properties, who we view to be best in class in the student housing sector, leveraging its experience across the United States to jointly develop a premier portfolio of assets,” said Edward Dunn, managing director of infrastructure investments at Manulife. “We believe the student housing sector represents a compelling investment opportunity underpinned by attractive supply/demand dynamic and strong historical performance.”
Landmark’s portfolio comprises almost 100 residential communities across the nation with approximately 60,000 beds. It has 21 student, build-to-rent, and multifamily projects with an estimated value of $3.7 billion under construction.