In their first joint ventures together, Liberty Mutual Investments (LMI) and Landmark Properties will develop 1,255 units of off-campus student housing in Pennsylvania and Connecticut. The projects include The Mark State College, a 515-bed tower serving Pennsylvania State University in State College, and The Mark Mansfield, a 740-bed development serving the University of Connecticut in Storrs. TSB Capital Advisors arranged financing for both transactions.
“We’re excited about forging this relationship with LMI and look forward to working together on future initiatives,” said Walt Templin, president and CIO of Landmark Properties. “Our shared commitment to providing housing options in university communities will help students excel in their academic careers while also reducing the pressure on the local housing market.”
The Mark at State College represents LMI’s third investment in student housing development within the Penn State market. LMI’s student housing portfolio includes approximately 17,000 beds.
Rendering of The Mark Mansfield courtesy of Newman Architects.
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