Athens, Georgia-based student housing company Landmark Properties has acquired two housing developments in Ann Arbor, Michigan, adjacent to the University of Michigan Campus: Zaragon Place, a 248-bed student housing property, and Zaragon West, a 198-bed student housing property.
 
Both Zaragon Place (2009) and Zaragon West (2012) were built by Chicago-based development company Zaragon Inc. Following the acquisition, Landmark will implement a capital improvements program to upgrade unit interiors and common areas.
 
"When we started the acquisition platform late last year, our primary goal was to discover and acquire high-quality assets in flagship markets where we currently own and operate properties or have plans to own and operate properties in the near future,” Landmark Properties President and CEO Wes Rogers said. “This acquisition allows us to own and upgrade two housing assets pedestrian to The University of Michigan at a price that is well below replacement costs.
 
“We’re excited about the opportunity to pursue our strategic market goals while simultaneously creating unsurpassed living experiences for hundreds of additional residents in Ann Arbor,” Rogers said.
 
Landmark Properties continues to pursue acquisition opportunities in markets across the country, adding to its impressive $4.1 billion owned portfolio. This transaction is the second student housing acquisition for the company in the last 10 months. Looking ahead, Landmark currently has five additional properties under contract that are expected to close in Q3 2019.