
Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group (“Liberty”), and Landmark Properties (“Landmark”), a fully-integrated real estate firm specializing in the development, construction, acquisition, investment management, and operation of high-quality residential communities, announced joint ventures for the acquisition and development of two new student housing projects, The Mark State College and The Mark Mansfield.
The joint ventures will deliver 1,255 purpose-built off-campus student housing beds at Pennsylvania State University (Penn State) and The University of Connecticut (UConn).
These developments represent the first venture between LMI and Landmark, leveraging Landmark’s track record of more than 20 years, while continuing LMI’s focus on investing in premier student housing opportunities. LMI’s student housing portfolio includes approximately 17,000 beds and is focused on adding purpose-built housing near large public universities with robust student communities. TSB Capital Advisors arranged financing for both transactions.
The team will develop two sites – one on East College Avenue adjacent to the heart of the Penn State campus and the other on the corner of North Eagleville Road and Ledoyt Road, adjacent to the UConn campus core.

“These properties represent exceptional opportunities to deliver premier off-campus student housing at thriving universities—communities that will attract students and provide long-term value for residents,” said Christopher Finn, Managing Director and Head of Real Estate at Liberty Mutual Investments. “We are excited to expand LMI’s student housing platform with Landmark, a leading developer of purpose-built, best-in-class student housing.”
“We’re excited about forging this relationship with LMI and look forward to working together on future initiatives,” said Walt Templin, President and Chief Investment Officer of Landmark Properties. “Our shared commitment to providing housing options in university communities will help students excel in their academic careers while also reducing the pressure on the local housing market.”
LMI invests more than $100 billion of long-term capital globally across its integrated platform on behalf of Liberty. The firm is focused on partnering with leading operators and investors to identify high-value opportunities, drive economic growth, and build enduring businesses side-by-side with its partners.