Landmark Properties, a fully-integrated real estate firm specializing in the development, construction, acquisition, investment management, and operation of high-quality residential communities, with Stockbridge, a real estate investment management firm, has acquired two student housing communities near the University of Southern California (USC) in Los Angeles.
TSB Realty brokered the sale while TSB Capital Advisors arranged the financing for the transaction.
The acquisition of Icon Plaza and West 27th Place marks Landmark’s third transaction executed in partnership with Stockbridge and brings its holdings in Los Angeles to nearly 2,200 beds.
“As a top-tier private research university, USC draws students globally, creating significant demand for housing that exceeds on-campus capacity,” said 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.”
Both Icon Plaza and West 27th Place are well-located assets adjacent to campus and within walking distance to USC’s main academic and recreational buildings as well as a variety of dining, retail, and entertainment options. Landmark plans to renovate common areas and amenities at Icon Plaza as a part of the acquisition business plan. West 27th was recently renovated, so no major renovations are planned.
Icon Plaza is a 57-unit, 252-bed mid-rise student housing development at 3584 S Figueroa St., 0.1 miles south of the University of Southern California and is conveniently located adjacent to USC’s Marshall School of Business. Built in 2012, Icon Plaza offers a variety of fully furnished floor plan options ranging from two- to five-bedroom units. Residents enjoy best-in-class interiors like quartz countertops, stainless steel appliances, in-unit laundry and balconies and community amenities such as a resort-style swimming pool, rooftop lounge, clubhouse, fitness center and study rooms. Icon Plaza has 6,200 square feet of ground-floor retail space that is leased to Starbucks, Jersey Mike’s, Movita, Juice Bar, and Wingstop.
West 27th Place is a 161-unit, 452-bed mid-rise student housing development built in 2010. Just three blocks away from USC’s northern border, and adjacent to the university’s Greek housing, the asset at 530 West 27th St. features a mix of studio, one-, two-, and four-bedroom units that feature hardwood-style flooring, granite countertops, in-unit laundry, balconies, black appliances and a modern furniture package. Amenities at West 27th Place include a resort-style swimming pool, fitness center, clubhouse with social areas, and study rooms. The 7,500 square feet of ground-floor retail here is leased to Five Guys, Thai by Trio and Factory Tea Bar.
Pictured: West 27th Place
