Los Angeles — A joint venture between Landmark Properties and Stockbridge has acquired two mid-rise student housing communities located near the University of Southern California (USC) campus in Los Angeles.
TSB Realty brokered the acquisition from an undisclosed seller and TSB Capital Advisors arranged financing for the acquisition. Properties include Icon Plaza, a 252-bed community located at 3584 S Figueroa St.; and West 27th Place, a 452-bed property located at 530 West 27th St.
Developed in 2012, Icon Plaza offers 57 fully furnished units in two-, three-, four- and five-bedroom configurations. Shared amenities include a resort-style pool, rooftop lounge, clubhouse, fitness center and study rooms. The property also features 6,200 square feet of ground floor retail space leased to Starbucks Coffee, Jersey Mike’s, Juice Bar and Wingstop. The new ownership plans to renovate common areas and shared amenity spaces as part of the acquisition.
West 27th Place was built in 2010 and recently underwent renovations. The property offers 161 units in studio, one-, two- and four-bedroom configurations. Shared amenities include a resort-style pool, fitness center, clubhouse, social areas and study rooms. The community also features 7,500 square feet of ground floor retail space leased to Five Guys, Thai by Trio and Factory Tea Bar.
“As a top-tier private research university, USC draws students globally, creating significant demand for housing that exceeds on-campus capacity,” says JD Goering, senior vice president of acquisitions at Landmark. “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.”