Athens, Ga. — The Standard, a JV with HSRE, introduces the cottage company's urban infill program.
Athens, Ga. — Landmark Properties has purchased the former Athens Hardware building in downtown Athens and has broken ground on what will be the first purpose-built student housing project in the downtown area. The Standard at Athens will offer 610 beds and 24,788 square feet of ground-level retail when it opens in 2014. It is within walking distance to campus, and Landmark says it will market the property to students who frequent Athens' restaurants, shopping and nightlife.
The property will be owned by a joint venture. Harrison Street Real Estate Capital is investing 50 percent of the capital for the project, and Landmark is providing the other half. The project costs a reported $30 million.
"This is a site we've had our eyes on for a while, and we're excited to be building in our hometown again," said Wes Rogers, President and CEO of Landmark Properties.
The Standard will offer 11 different floor plans including studios, one, two, three, four and five bedrooms. Each apartment will be fully furnished, will feature spacious bathrooms, and will have higher-end finishes like granite countertops, stainless appliances and walk-in closets in most units. The Standard will also feature a select number of premium units that will be significantly larger and feature a pool table in the expanded living room.
Residents of The Standard will be able to take advantage of an amenity package not seen previously in downtownAthens. The community will offer on-site management as well as the following exclusive amenities: a roof-top, infinity edge swimming pool as well as a 10,900 square foot clubhouse that will include dual fitness centers - strength training and cardio studio, gaming lounge w/ multiple flat screen televisions, sauna, study rooms w/ coffee bar, golf simulator, tanning beds, and courtyard. Each unit will feature either a full or Juliet balcony. Residents will be able to park exclusive in a gated, covered deck centrally located in the community.
According to Brian Thompson, Senior Vice President at Harrison Street, The Standard represents Harrison Street's 12th investment with Landmark Properties and the first non-cottage project. "Harrison Street is very proud of what our venture has accomplished over the last couple years. We look forward to continuing to grow the platform with the Landmark team."
Landmark currently has four projects under construction (in Arizona, Pennsylvania, Mississippi, and now Georgia) and will break ground on two more, in Corvalis, Ore., and Orlando, Fla., early next year. The Standard represents the first of several urban infill projects the company is pursuing to complement its "Retreat" brand of student cottage communities.