Property: 20 land parcels
Buyer: Landmark Properties
Property type: Student housing
Location: Tallahassee, Florida
Purchase price: Withheld
Over the past decade, the College Town neighborhood near Florida State University in Tallahassee has seen a massive amount of development, with 15,400 beds coming online since 2013, according to RealPage.
As new projects were built, the number of quality development sites shrunk. “Those that remained were small and fragmented, making it exceptionally challenging to undertake a large-scale project,” said Chase Powell, director of development at Athens, Georgia-based developer and manager Landmark Properties.
However, Landmark recently saw an opportunity to build a successful student project in Florida’s capital on over 20 unique parcels, ranging in size from 0.03 to 0.73 acres. It wasn’t alone.
“Given the exceptional performance of assets in the submarket and the limited future supply, competition for the assemblage was high,” Powell said.
Landmark ultimately prevailed, working directly with the landowners to purchase all 20 parcels in late August. Its in-house general contractor, Landmark Construction, immediately began working on an 859-bed luxury development featuring three adjacent buildings on the 3.44-acre assemblage of land.
The project, known as The Mark at Tallahassee, is expected to open in August 2025. With the project, Landmark has a construction pipeline of 22 properties at a valuation of $4.7 billion.
The Mark at Tallahassee’s floor plans will range from studios to six-bedroom units. It will also include what Landmark calls “VIP penthouse-style units” that will offer residents an upscale option, including an upgraded technology and appliance package and oversized common areas with pool tables.
Units will feature gourmet-style kitchens with quartz countertops and stainless-steel appliances, hardwood-style flooring, contemporary fixtures and a private bathroom for every bedroom.
The property will have 30,000 square feet of amenity spaces across its three buildings. Those will include an 8,900-square-foot rooftop clubhouse that opens to a 9,000-square-foot outdoor pool deck with a pool, sun shelf, spa, lounge seating and gathering areas, including a grill station, fire pits and a Jumbotron. Its fitness center will include cardio, free weights and functional training equipment along with tanning and sauna amenities.
The College Town submarket is highly desirable to FSU students, offering convenience to nightlife, retail, academic buildings, recreation fields and the Doak Campbell Stadium, according to Powell.
“The Mark's unique position, nestled between the campus, West Madison Street and the Greek housing along West Pensacola Street, is unlikely to be replicated in this market due to the very limited availability of land,” Powell said.
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