Landmark Raises $140M for Value-Add Student Housing Fund

Landmark Properties has raised about $140 million at the initial close of its second value-add student housing fund. Landmark Realty Partners II is seeking $500 million in commitments to acquire undercapitalized or undermanaged properties.

The vehicle is Landmark’s second institutional fund dedicated to value-add student housing acquisitions and its 10th institutional investment vehicle across all strategies.

Landmark said properties delivered during the mid-2010s present a substantial opportunity. U.S. developers completed an average of approximately 60,000 student housing beds annually from 2012 through 2018, leaving a pool of assets now 10 to 15 years old and potentially suitable for cost-efficient renovations.

“We have spent more than two decades building, owning and operating student housing communities,” Chairman and CEO Wes Rogers said. That experience helps Landmark identify well-located assets and execute improvements through its integrated platform, he added.

The strategy enters the market as new construction remains constrained by financing and development costs. Meanwhile, national occupancy for the 2025-26 academic year reached an estimated 95.1%, although performance increasingly varies by university and local supply conditions. Yardi Matrix reported that schools receiving heavy new supply have generally experienced slower preleasing.

Since 2018, Landmark has completed more than $2 billion of value-add acquisitions encompassing over 19,000 beds. The Athens, Georgia-based firm has completed more than $14 billion in student housing investments since its 2004 founding.

The initial close follows Landmark’s $300 million final close for its Sponsor Fund, an opportunistic student housing development vehicle. That fund reached its hard cap, 50% above its original $200 million target. Landmark reported more than $15 billion in assets under management and 72,000 beds under management at the beginning of 2026.