LOS ANGELES, CA, Oct. 10, 2011 –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of West 27th Place (top left photo), a newly built 161-unit, 392-bed student housing development located just blocks from the University of Southern California’s main campus. The terms of the sale were not disclosed.
Ron Harris (middle right photo), an executive vice president investments in Los Angeles; Peter Katz, a a senior vice president investments in Phoenix; and Joseph Smolen (bottom left photo), an associate director in Los Angeles, represented the seller, a joint venture between CityView and Symphony Development, both based in Los Angeles. The buyer is New York-based Kayne Anderson Real Estate Advisors.
“The USC market continues to be one of the most desirable markets in the Los Angeles MSA, with occupancy consistently in the high 90 percent range,” says Harris. “West 27th Place is LEED-registered and projected to achieve a platinum certification.”
“West 27th Place is the first brand-new, pedestrian-to-campus, mixed-use student housing development to close within a major coastal CBD in the sector during the past few years,” adds Katz.
“Core student housing assets, located on smaller sites in constraint-restricted submarkets at Tier I universities, create demand from both market rate and student housing institutional capital at risk adjusted, compressed cap rates and yields.”
Built in 2011 and situated on the Figueroa Corridor, one of the most traveled roads in Los Angeles, the seven-story West 27th Place offers unmatched visibility, views, and national credit tenants.
The property provides students with many high quality amenities, including a 24-hour state-of-art fitness center with tanning beds and a resort-quality saltwater pool and spa. The building is equipped with private study rooms on each floor, a 24-hour computer lab and a furnished game room with game tables and 50-inch flat screen televisions.
West 27th Place’s residences, unlike all other USC student resident facilities, come with a full-size washer and dryer in each unit. Units also feature gourmet kitchens with full appliance packages, granite countertops and custom cabinetry and finishes. The apartments all have nine-foot ceilings and ample closet space and select units have walk-in or step-in closets. Approximately 95 percent of the units are furnished with a sofa, coffee table and entertainment center in the living area.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
What you are doing is right on! You have given students a new hope to fulfill their dreams.
ReplyDelete