Closed Student Housing Development
The Retreat at Boone
Boone, NC
625-bed, cottage-style student housing development on a 40-acre site near Appalachian State University in Boone, North Carolina, developed in a joint venture with Landmark Properties and Peninsula Investments. The community will feature 148 cottages in three- to five-bedroom configurations with bed-to-bath parity, a 12,500-square-foot amenity suite including a resort-style pool and spa, fitness center, golf simulator, and skate park, plus parking for 588 cars and a private shuttle to campus. Delivery is planned for the 2027-2028 academic year.
- Investment
- Equity
- Location
- Boone, NC
- Asset class
- Student Housing
- HC2 participation
- $14,550,000 (equity) + $28,800,000 (mezz)
- Units/Beds
- 625 beds
The Opportunity
Why we invested
Boone's purpose-built student housing market has seen no new supply since 2021, and lower-density product has not been introduced in over a decade, while Appalachian State has posted steady, record-setting enrollment growth. Strict local development regulations create a durable barrier to future supply. Partnering with Landmark Properties, the nation's leading student housing developer, as developer, general contractor, and manager aligns execution from groundbreaking through operations.
Our portfolio showcases our ability to uncover unique opportunities, navigate complex transactions, and deliver strong, risk-adjusted returns for our partners.
Execution
Our role in the deal
Sourcing
We identify high-quality assets in supply-constrained markets and partnering with proven operators.
Asset Management
We provide investors quarterly reports, market updates, construction camera access, and audited financials.
Underwriting team
Gabriel Hidalgo, Doug Conner and Jim Crigler review and underwrite every HC2 Capital investment together.
Meet the teamThe property
Project gallery
Rendering of The Retreat at Boone, a 148-cottage community near Appalachian State University. 
Rendering of the 40-acre site and its cottage streets. 
Rendering of the amenity suite and resort-style pool. 
Rendering of the open greenspace between the cottages. 
Rendering of the skate park planned for the community. 
Rendering of the landscaped grounds at The Retreat at Boone.
Related investments
Other HC2 Capital investments in the same asset class.
Investors
Investor Portal
Existing investors can access statements, K-1s and distribution history.
