Student Housing Daily - January 13 - Capstone selected for 780-bed housing project

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NEWS ROUNDUP

DEVELOPMENT: UVA selects Capstone for 780-bed housing project. The University of Virginia (UVA) has selected Capstone Development Partners to develop a new upper-class student housing project in Charlottesville, Virginia. The project will deliver approximately 780 beds across three apartment-style residential buildings totaling 310,000 square feet. Elkus Manfredi Architects is designing the project, while a joint venture of Hoar Construction and Hourigan will serve as general contractors. Capstone is acting as fee developer, with project financing provided by UVA.

FINANCING: Canyon Partners refinances Tallahassee project. Canyon Partners provided senior bridge financing to refinance Nova Tallahassee, a 614-bed Class-A student housing community serving Florida State University (FSU), for a joint venture led by Up Campus Student Living and BLG Capital Advisors. Stephen Bus of Up Campus said the financing from Canyon supports lease-up flexibility, while Matt Tuthill of BLG highlighted continued investor demand for high-quality student housing.

DEVELOPMENT: Batson-Cook and 908 Group launch Tallahassee community. Batson-Cook Development (BCDC) and 908 Group are developing Chapter House FSU, a 129-unit, 511-bed Class A student housing community near Florida State University in Tallahassee’s College Town submarket. The project marks the firms’ fourth joint venture in Florida. Litt Glover, president and CEO of Batson-Cook, said the project reflects confidence in Tallahassee, flagship-university markets and the partnership with 908 Group. Pacific Life is providing debt, Marble Capital is supplying preferred equity, Culpepper Construction is the general contractor, Humphreys & Partners is the architect, Moore Bass Consulting is the civil engineer, and Asset Living will manage the property.

DEVELOPMENT: Landmark Properties posts record 2025. Landmark Properties closed 2025 with $15+ billion in assets under management, launched $2 billion of new development across 10 projects, and reached a record $4 billion under construction through its in-house contractor, Landmark Construction. The firm completed about $3.5 billion in transactions, including a $1+ billion portfolio deal, and closed $1.4 billion in debt across 19 financings. Wes Rogers, Chairman and CEO, credited the team’s execution and vertical integration for navigating a complex market. Landmark expanded its investor base to 46 active equity partners and worked with 40 lenders, including 11 new relationships added in 2025. Leadership promotions included Walt Templin to President and Chief Investment Officer, Jason Doornbos to Chief Development Officer, and Art Templin to Chief Operating Officer of Development and Construction.

READ: Student housing hits two-year occupancy high as rent gains stall.

STUDENT HOUSING FOR SALE

Click each image for more information:

390 Beds | Built in 2022 | 98.2% Occupancy | Avg. Market Rent Per Bed: $984

706 Beds | 540 Units | Priciest Single-Asset Student-Housing Listing Since 2023 | Price: $190,000,000 | Price Per Bed: $269,000

110 Units | Fully Stabilized | 100% Occupancy | NOI: $962,004 | Avg. Rent: $1,005/Unit

0.8 Miles to Campus | Current Ownership Has Invested Approximately $2.5M ($26K/Unit) In Renovation | 98.2% Avg. Occupancy from AY ‘22-’23 to AY ‘25-’26

ONE MORE THING

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