Landmark Properties and Stockbridge have acquired two student housing communities near the University of Southern California (USC) campus in Los Angeles. Terms of the acquisition weren’t disclosed.
TSB Realty brokered the sale while TSB Capital Advisors arranged the financing for the transaction. The acquisition of Icon Plaza and West 27th Place is Landmark’s third transaction 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, SVP of acquisitions at Landmark. “Given that approximately 81% of USC students require off-campus options, Icon Plaza and West 27th Place are ideally situated to deliver vital, purpose-built student housing.”
Landmark plans to renovate Icon Plaza’s common areas and amenities as part of the acquisition business plan. West 27th was recently renovated, so no major renovations are planned.
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