Landmark Properties and Stockbridge Capital Group have joined forces on a $100 million deal to buy two student apartment complexes in University Park, near University of Southern California.
Georgia-based Landmark and San Francisco-based Stockbridge purchased the 57-unit Icon Plaza at 3584 South Figueroa Street and the 161-unit West 27th Place at 530 West 27th Street, the Los Angeles Times reported.
The sellers, or seller, were not disclosed. The combined purchases work out to $458,716 per unit.
The deal marks Landmark and Stockbridge’s third joint student housing venture and brings Landmark’s Los Angeles holdings to nearly 2,200 beds. Stockbridge has 1,018 beds through its tandem Landmark deals in Tampa and Orlando last year, and the L.A. deal adds another 704 beds.
The six-story Icon Plaza, built in 2012 on the corner of Exposition Boulevard, has 252 beds.
The seven-story West 27th Place, built in 2010 a few blocks away, has 452 beds.
Both buildings have ground-floor shops and restaurants, and are located near Metro E Line stops. They are both a short walk from USC campus.
“As a top-tier private research university, USC draws students globally, creating significant demand for housing that exceeds on-campus capacity,” JD Goering, senior vice president of acquisitions at Landmark, said in a statement.
“Given that approximately 81 percent of USC students require off-campus options, Icon Plaza and West 27th Place are ideally situated to deliver vital, purpose-built student housing.”
Construction is underway on Landmark’s next student housing ventures in the city.
Starting this fall, the company will open The Mark Los Angeles, serving UCLA students at 10930 Weyburn Avenue in Westwood.
The firm will also expand its USC footprint with The Standard at Los Angeles at 3900 South Figueroa Street, across the street from Exposition Park, set to debut next year. Together, the properties add another 1,478 beds to the market.
— Chris Malone Méndez
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