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The biggest mixed-use sale in Los Angeles County over the last quarter was Landmark Properties’ purchase of a student housing portfolio near the University of Southern California from Greystar for $100 million, according to Los Angeles County tax assessor records.
This is the latest installment in a feature providing a weekly update on quarterly top sales by market segment, based on TRDData. You can see the top 10 by clicking here.
Athens, Georgia-based Landmark Properties partnered with investment management firm Stockbridge in late April to acquire the two buildings, Icon Plaza at 3584 South Figueroa Street, and West 27th Place, at 2700 South Figueroa Street, in a deal brokered by TSB Realty. The former, erected in 2012 with 57 units and 252 beds sold for $51.5 million, and the latter, built in 2010 with 161 units and 452 beds, went for $48.5 million.
“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,” JD Goering, senior vice president of acquisitions at Landmark, said in a news release about the deal. The two properties are within walking distance to USC’s main academic and recreational buildings.
Landmark committed to renovating common areas and amenities at the Icon Plaza. No major updates were planned for West 27th as it was recently renovated.
Icon Plaza features fully furnished two- to five-bedroom units. The building has a swimming pool, rooftop lounge, clubhouse, fitness center and study rooms. Starbucks, Jersey Mike’s, Movita, Juice Bar and Wingstop are the ground-floor tenants.
West 27th Place consists of studio, one-, two-, and four-bedroom units offering a modern furniture package. Amenities include a swimming pool, fitness center, clubhouse with social areas, and study rooms. Retail tenants on the ground floor include Five Guys, Thai by Trio and Factory Tea Bar.
One of the most active student housing developers in the country, Landmark is on a tear.
As of the end of April, the firm said it had over 50 student and multifamily projects under construction or near term start with an estimated value of over $10 billion.
That pipeline includes The Mark at Los Angeles, under construction near the UCLA campus, and The Standard at Los Angeles being built near the USC campus. The two projects will add more than 1,450 beds to the market.
Read more
Student housing: real estate’s unlikely kingmaker
Landmark eyes 12-story student housing near UCLA
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Lauren Elkies Schram, Matthew Elo
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