What Are Opportunity Zones?

The Core Idea

Opportunity Zones are a federal tax incentive program, created under the 2017 Tax Cuts and Jobs Act, that encourages long-term private investment in economically distressed communities identified by state governors and certified by the U.S. Treasury. A 2025 update made the program permanent, adding rolling investment windows, refreshed zone maps every ten years, and stronger incentives for rural development.

The Main Change With OZ 2.0

Previously, every investor’s tax benefit was tied to the same national deadline. Under OZ 2.0, that changes: each investment made on or after January 1, 2027 starts its own five-year deferral period, followed by a 10% reduction in taxable gain (30% for rural investments) and the same long-term appreciation exclusion investors have relied on before. Even gains realized in the second half of 2026 can qualify, as long as the investment is made within the standard 180-day window.

Learn More

Key Investor Benefits Under Opportunity Zones 2.0

Rolling 5-Year Deferral

Defer capital gains taxes for 5 years from the date of investment into a Qualified Opportunity Fund (QOF) — replacing the original 2026 cliff.

Tax Reduction

Hold the QOF investment 5+ years and receive a 10% step-up in basis on the original deferred gain, reducing the taxable amount. On qualifying rural deals, the basis step-up is 30%.

No Depreciation Recapture

Investors may benefit from cost segregation studies to accelerate depreciation deductions with no recapture on exit.

10-Year Tax-Free Growth

Hold a QOF investment 10+ years and permanently exclude federal tax on gains generated.

Landmark’s Track Record

Landmark Properties has an established track record in areas now known as opportunity zones. Supported by a structural supply demand imbalance across U.S. student housing and continuing enrollment growth trends, Landmark’s fortress market focus and differentiated property management drives strong long-term performance.

University of Washington

  • The Standard at Seattle 1,545 Beds / 426 Units / 2023

University of California, Berkeley

  • The Standard at Berkeley 420 Beds / 117 Units / 2021
  • Stonefire Berkeley 98 Beds / 98 Units / 2017

UCLA

  • The Mark Los Angeles 192 Beds / 37 Units / 2025

University of Southern California

  • The Standard at Los Angeles 1,236 Beds / 429 Units / 2026
  • West 27th Place 316 Beds / 161 Units / 2011
  • Icon Plaza 243 Beds / 57 Units / 2012

University of Utah

Development Pipeline

Arizona State University

Development Pipeline

University of Arizona

  • The Mark Tucson 595 Beds / 154 Units / 2019
  • The Retreat at Tucson 774 Beds / 183 Units / 2013

Texas Tech University

  • Park East 732 Beds / 218 Units / 2016
  • The Bloc 556 Beds / 140 Units / 2016
  • The Retreat at Lubbock 853 Beds / 218 Units / 2011

Texas A&M University

  • The Junction at College Station 801 Beds / 186 Units / 2016
  • The Standard at College Station 938 Beds / 302 Units / 2018
  • The Retreat at College Station 796 Beds / 192 Units / 2016

University of Oklahoma

Development Pipeline

University of Kansas

Development Pipeline

University of Arkansas

  • The Retreat at Fayetteville 585 Beds / 142 Units / 2023

Saint Louis University

  • The Standard at St. Louis 465 Beds / 163 Units / 2015
  • City Lofts on Laclede 407 Beds / 254 Units / 2006

University of Illinois

  • The Cottages at Illinois 476 Beds / 126 Units / 2019

University of Mississippi

  • Domain Oxford 642 Beds / 216 Units / 2016
  • The Station Oxford 817 Beds / 269 Units / Delivering 2027
  • The Retreat at Oxford 668 Beds / 160 Units / 2013

Mississippi State University

  • The Retreat at Starkville 695 Beds / 164 Units / 2017

Louisiana State University

  • Tradition at 777 1,290 Beds / 382 Units / 2023
  • The Standard at Baton Rouge 847 Beds / 287 Units / 2015
  • The Legacy at Baton Rouge 898 Beds / 299 Units / 2021

University of Louisville

  • The Retreat at Louisville 656 Beds / 157 Units / 2015

University of Kentucky

Development Pipeline

University of Tennessee

  • The Standard at Knoxville 672 Beds / 237 Units / 2016
  • The Mark Knoxville 833 Beds / 291 Units / 2025
  • Tradition Knoxville 360 Beds / 240 Units / 2022
  • Society 865 718 Beds / 324 Units / 2021
  • The Retreat at Knoxville 265 Beds / 65 Units / 2010

Auburn University

  • The Standard at Auburn 683 Beds / 219 Units / 2018
  • The Mark Auburn 825 Beds / 329 Units / Delivering 2028

Georgia State University, Emory University & Georgia Tech

  • The Legacy at Centennial 835 Beds / 265 Units / 2023
  • The Standard at Atlanta 765 Beds / 257 Units / 2018
  • The Mark Atlanta 799 Beds / 281 Units / 2020

Georgia Southern University

Development Pipeline

Florida State University

  • The Standard at Tallahassee 876 Beds / 345 Units / 2018
  • The Retreat at Tallahassee 710 Beds / 178 Units / 2012
  • The Mark Tallahassee 860 Beds / 202 Units / 2025
  • The Metropolitan Tallahassee 702 Beds / 217 Units / 2024
  • Saga Tallahassee 125 Beds / 434 Units / 2021
  • The Nine at Tallahassee 438 Beds / 104 Units / 2019

University of South Florida

  • The Mark Tampa 807 Beds / 215 Units / Delivering 2027
  • The Metropolitan Tampa 759 Beds / 276 Units / 2024
  • The Standard at Tampa 755 Beds / 374 Units / 2019
  • The Retreat at Tampa 416 Beds / 106 Units / 2017

University of Miami

  • The Cloisters Miami 296 Beds / 115 Units / Renovated 2023
  • The Standard at Coral Gables 376 Beds / 172 Units / 2021

Appalachian State University

  • The Standard at Boone 560 Beds / 203 Units / 2016
  • The Retreat at Boone 625 Beds / 148 Units / Delivering 2027

James Madison University

  • The Retreat at Harrisonburg 653 Beds / 175 Units / 2017

University of Virginia

  • The Standard at Charlottesville 661 Beds / 649 Units / 2017

University of Maryland

  • The Standard at College Park 951 Beds / 282 Units / 2023

Pennsylvania State University

  • The Retreat at State College 587 Beds / 138 Units / 2013
  • The Metropolitan State College 501 Beds / 132 Units / 2017
  • The Legacy at State College 375 Beds / 75 Units / 2018
  • The Standard at State College 1,007 Beds / 243 Units / 2021
  • The Station State College 668 Beds / 162 Units / 2018
  • The Retreat on Westerly 546 Beds / 142 Units / Delivering 2027
  • The Mark State College 515 Beds / 159 Units / Delivering 2028

Drexel University & University of Pennsylvania

  • The Standard at Philadelphia 802 Beds / 280 Units / 2023
  • The Mark Philadelphia 909 Beds / 363 Units / 2026

Rutgers University

  • The Standard at New Brunswick 682 Beds / 186 Units / 2020

University of Connecticut

  • The Standard at Four Corners 890 Beds / 392 Units / 2025
  • The Mark Mansfield 738 Beds / 223 Units / Delivering 2028
  • Current and Prior Investments
  • Development Pipeline
  • States With Landmark Presence
Full Portfolio Map

Landmark’s Evolution

#1 Ranked Student Housing Developer Eight of the Last Nine Years

  1. 2004 – 2009

    • Founded in Athens, GA
    • Begins raising third-party institutional capital in 2009

  2. 2010 – 2017

    • Forms $5.2B across 35 deals in partnership with ADIA
    • Grows beyond $2B AUM

  3. 2018 – 2019

    • Completes first high-rise and forms its acquisition platform
    • Grows to $4B AUM and 12,500 beds

  4. 2020 – 2022

    • Holds 92%+ same store occupancy and positive rent growth through COVID
    • Closes its first two OZ-structured developments in 2022

  5. 2023 – 2026

    • Grows to $15B AUM and 76,000 beds under management
    • Enters the private wealth market with a dedicated OZ fund

Landmark Today

Employees Firmwide
~1,600
Total Cost of Student Projects
$14B
Properties Under Management
125
Beds Under Management
~76,000

Data as of June 30, 2026 unless otherwise noted. Past performance is not a guarantee of future results.

OZ 2.0 Education White Paper

Get The PDF Guide

Send Us A Message

Fill out my onlineform.
CALL US