Landmark Properties Announces Initial Closing of Landmark Realty Partners II, LP with Approximately $140 Million of Capital Commitment

Fund II Will Pursue Value-Add Acquisitions in the U.S. Student Housing Sector, Targeting $500 Million of Total Commitments

Athens, Ga. (August 20, 2026) - Landmark Properties ("Landmark" or the "Firm"), a fully integrated real estate investment management firm specializing in the development, construction, acquisition, and operation of high-quality residential communities, today announced the initial closing of Landmark Realty Partners II, LP ("LRP II" or the "Fund") with approximately $140 million of aggregate capital commitments. The Fund is seeking $500 million of total commitments and will invest in value-add real estate opportunities in the U.S. student housing sector.

LRP II is Landmark's second institutional investment vehicle focused exclusively on value-add student housing acquisitions and represents the Firm's tenth institutional investment vehicle across all strategies since inception. The initial closing for the Fund comes less than five months since Landmark held the final closing for Landmark Sponsor Fund, LP, an opportunistic fund focused on student housing development, which closed with $300 million aggregate capital commitments and was oversubscribed at 50% above its initial target.

"The support we have received at this initial closing reflects the confidence our partners place in Landmark's vertically integrated platform and will allow us to immediately capitalize on the attractive value-add opportunity we see in student housing today," said Wes Rogers, Chairman and CEO of Landmark Properties. "We have spent more than two decades building, owning, and operating student housing communities, and that experience gives us a differentiated ability to be highly selective in identifying well-located assets that are undermanaged or undercapitalized and drive attractive risk-adjusted returns through our fully integrated platform."

Landmark believes the current environment presents a particularly attractive entry point for a value-add strategy in U.S. student housing due to the elevated deliveries of the mid-2010s - when new deliveries averaged approximately 60,000 beds annually between 2012 and 2018, often by developers without a dedicated student housing focus - which are now reaching 10 to 15+ years of age, an attractive vintage for capex-efficient repositioning, amenity refreshes, and selective in-unit upgrades. Having been developed in the modern era of student housing, properties of this vintage are still often able to meet the needs of today's students with respect to bedroom privacy, bathroom ratios, proven locations, and well-programmed amenities.

With Landmark's focus on large, publicly chartered four-year universities with competitive academics and low acceptance rates, along with a bias towards states and geographies with positive population

and demographic trends, enrollment growth at Landmark's target schools has nearly doubled that of the broader US college landscape over the last five years.

"Since the inception of our value-add acquisition strategy, we have remained disciplined and opportunistic in our market and asset selection. We view this strategy as highly complementary to, and well-informed by our broader student housing operating and development platforms. As we continue to see this opportunity accelerate over the next two to three years, a large share of the sector is still owned by non-institutional or non-student housing focused groups," said Walt Templin, President and CIO. "We are able to acquire high-quality assets in great locations that are well-occupied but under-rented. With our in-house leasing, property management, and capital projects teams, we can address both the operational and the physical side of the business plan."

Since 2018, Landmark has completed over $2 billion of value-add acquisitions totaling over 19,000 beds. In total, since inception in 2004, Landmark has completed more than $14 billion in student housing investments.

About Landmark Properties

Headquartered in Athens, Ga., with offices in Atlanta, New York, and London, Landmark Properties is a fully integrated real estate investment management firm specializing in the development, construction, acquisition, and operation of high-quality residential communities. With over $15 billion in AUM, Landmark's portfolio includes over 115 residential communities across the United States with 76,000 beds under management. For more information, visit https://www.landmarkproperties.com

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