Landmark Properties JV Buys California Student Housing Asset
- Feb 28, 2020
A partnership of Landmark Properties, Ocean West Capital Partners, Tiger Alternative Investors and Korea Investment & Securities Co. has acquired Sol at West Village, a 2,289-bed student housing community serving the University of California in Davis, Calif. Carmel Partners sold the asset, according to Yardi Matrix. Walker & Dunlop structured $293 million in acquisition financing.
The transaction represents Landmark Properties’ fourth purchase in the past six months. In December, the company partnered with Goldman Sachs to acquire a 331-bed portfolio in Tuscaloosa, Ala.
Situated on a 5.7-acre parcel at 1580 Jade St., Sol at West Village encompasses six three-story buildings completed in three phases between 2011 and 2013. The property is subject to a 65-year ground lease held by UC Davis, according to Yardi Matrix data. Amenities include a 24-hour study hall, a gym, a media room and two swimming pools. Sol at West Village also includes 36,000 square feet of commercial space.
The property is located in the university’s main campus, next to Vic Fazio Highway, which provides access to Interstate 80. Several dining and shopping options are available within a 3-mile radius. Additionally, the community is roughly 18 miles west of downtown Sacramento.
CBRE Director of National Student Housing Jaclyn Fitts and Associate Director William Vonderfecht brokered the sale on behalf of the buyer. The Walker & Dunlop team that secured financing included Senior Managing Director Will Baker, Senior Director William Shell and Associate Director Doug McDaniel; they worked in collaboration with TSB Capital Advisors Principal Tim Bradley.
*The article was updated on 3/5/20 to include financing information.