Liberty Mutual Investments (LMI) has created joint ventures (JVs) with real estate firm Landmark Properties to acquire and develop two new student housing complexes in the US.
The projects include The Mark State College at Pennsylvania State University (Penn State) and The Mark Mansfield complex at The University of Connecticut (UConn).
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This partnership marks the inaugural collaboration between LMI and Landmark, with the aim of constructing 1,255 off-campus student housing beds. LMI is the investment arm of Liberty Mutual Group.
The 12-story Mark State College is set to provide 515 beds, complemented by facilities such as a skydeck, fitness centre and sauna, and a clubhouse with an amenity area. It will also have a study lounge complete with café and computer lab, a structured parking deck, as well as parking provisions for bicycles and scooters among other features.
This marks LMI’s third investment in student housing development within the Penn State market.
The Mark Mansfield, a nine-story structure, will provide 740 beds in the Storrs, Connecticut market.
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By GlobalDataAmenities will include advanced fitness centre and clubhouse, sauna, study lounge, computer lab, bicycle parking, and others.
Financing for the two transactions has been arranged by TSB Capital Advisors.
LMI managing director and real estate head Christopher Finn said: “These properties represent exceptional opportunities to deliver premier off-campus student housing at thriving universities—communities that will attract students and provide long-term value for residents.
“We are excited to expand LMI’s student housing platform with Landmark, a leading developer of purpose-built, best-in-class student housing.”
LMI’s portfolio in student accommodation encompasses around 17,000 beds, with a strategic emphasis on developing bespoke housing in proximity to public universities.
The company invests more than $100bn in long-term global capital through its integrated platform for Liberty Mutual Group.
