Landmark to Develop 1,500-Bed Student Housing Project Near USC
The developer expects to deliver the project by fall 2026.
Landmark Properties has unveiled plans for its second student housing project in Los Angeles—adjacent to The University of Southern California—totaling 1,500 beds. The company paid $114.8 million to purchase a 4.5-acre site for the development from Ventus Group, a Ventus official told Multi-Housing News. Landmark Urban Construction is the general contractor of the project, which is scheduled to break ground later this year.
Slated for completion in the fall of 2026, the new student housing development is set to include 435 units, ranging from studios to five-bedroom apartments, with in-unit laundry facilities, gourmet-style kitchens, quartz countertops and high-speed internet. Plans also call for a clubhouse, rooftop deck with a swimming pool and grilling area, onsite parking, computer lab, fitness center and 20,000 square feet of retail space. Out of all units, 87 are set aside as affordable.
Located at 3900 S. Figueroa St., the community will be less than half a mile from USC, BMO Stadium, LA Memorial Coliseum and Exposition Park. Students will also have access to several dining and retail options near the community, as well as downtown Los Angeles, which is some 3 miles northwest of the development.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White, Greg Galusha and Bryan Norcott, Vice Chairman and Head of Student Housing Group Ryan Land, along with Director Jack Brett, Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein and President & Founder Eric Bergstrom of Bergstrom Capital Advisors, facilitated the deal.
Capturing opportunities in the student housing market
Currently, there are eight properties serving the students at USC, totaling almost 4,000 units, according to Yardi Matrix data. Two student housing projects, including Core Spaces’ 577-bed Hub on Campus Los Angeles, are under construction and will add some 716 units to the inventory, the same data provider shows.
Landmark Properties has 22 multifamily and student housing projects in the development pipeline, with an estimated value of roughly $4.4 billion. The Mark at Los Angeles, another 166-bed project adjacent to UCLA, is the company’s other development in the metro and is scheduled for completion in September 2024. Last year, Landmark announced another 300-unit student housing project in the state, near the University of California, Berkeley.
The company started the year off strong, revealing its plans to build The Mark Philadelphia, a 36-story, 909-bed student project adjacent to the University of Pennsylvania. Last month, Landmark also announced the development of The Standard at Dinkytown, a 1,021-bed community next to University of Minnesota, marking its first move in the Minnesota market.