Landmark Properties has acquired The Lodges at 777, a 1,290-bed cottage-style student housing community in Baton Rouge, La., marking the company’s second purchase in the area. Saban Capital Group sold the asset, previously acquired in 2016 for $64.7 million, according to Yardi Matrix data.
Completed in 2011, the fully preleased community comprises 382 units with a mix of one- to five-bedroom floorplans, ranging from 528 to 1,860 square feet, equipped with stainless steel appliances and granite countertops. Community amenities include a two-story clubhouse, a swimming pool with cabanas, a fitness center and business center, a dog park and a hammock garden, as well as basketball and volleyball courts.
Located at 777 Ben Hur Road, the community is within 2 miles of the Louisiana State University campus and Tiger Stadium. Interstate 10 is some 4.2 miles southeast, whereas Baton Rouge city center is 5.3 miles away. Several dining and retail options, including Walmart Neighborhood Market and Rouses Market, are within a mile of The Lodges at 777.
Landmark has been active in the student housing sector since the beginning of the year, both in investment and development, reaching $11.8 billion and 65,000 units in assets under management. The firm’s development pipeline includes 22 student housing and multifamily properties valued at $4.7 billion. The company unveiled several projects this year, including The Mark Knoxville in Knoxville, Tenn., and a 1,500-bed development near USC in Los Angeles.
