"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."
Landmark Properties and Stockbridge acquired two student housing buildings near USC from Greystar for $100 million, buying Icon Plaza and West 27th Place. Icon Plaza at 3584 South Figueroa was built in 2012 with 57 units and 252 beds and sold for $51.5 million. West 27th Place at 2700 South Figueroa was built in 2010 with 161 units and 452 beds and sold for $48.5 million. The properties are within walking distance of USC's academic and recreational buildings. Landmark will renovate Icon Plaza's common areas and amenities while West 27th remains largely unchanged after recent renovations. Both properties feature furnished units and ground-floor retail.
Read at therealdeal.com
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