Landmark Properties & Stockbridge Acquire $100M Student Housing Portfolio Near USC

Landmark Properties, in partnership with investment firm Stockbridge, acquired a two-building student housing portfolio near the University of Southern California for $100 million.

Both buildings are located within walking distance of the campus. Icon Plaza is a 57-unit, 252-bed mid-rise student housing development at 3584 S. Figueroa St. that was built in 2012. West 27th Place is a 161-unit, 452-bed mid-rise student housing development built in 2010 and located just three blocks north of the campus. The properties include ground-floor retail space primarily leased to food and beverage restaurants.

“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, in a statement. “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.”

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 Los Angeles student housing holdings to nearly 2,200 beds. In addition, it is under construction on The Mark at Los Angeles near the UCLA campus and The Standard at Los Angeles on South Figueroa near the USC campus. Cumulatively, these projects will add 1,478 beds to the market.

Information for this article was sourced from Landmark Properties.