USC Student Housing Portfolio Switches Majors
- Oct 19, 2015
Los Angeles—A joint venture between Stuho and Cambridge Capital Advisors recently completed the purchase of a student-housing community near the north campus of the University of Southern California. Marcus & Millichap division IPA arranged the transaction, which came in at a total of $39.1 million. The six student-housing properties that make up The Shrine Collection offer a total of 103 units, meaning that the joint venture paid roughly $380,000 per unit.
The IPA team that worked on securing the buyer and closing the deal included Executive Vice President Investments Ron Harris, Director Paul Darrow and Associate Director Michael DiSimone. This is the trio’s fourth transaction involving USC student housing since the summer of last year.
Consisting of Chez Ronne, The Bungalows, Roma, Pisa, Corsica and Habitat Soozee, the student housing communities of The Shrine Collection feature 324 beds. Their location offers residents close proximity to USC’s campus, as well as the Los Angeles Memorial Coliseum and even DTLA. Some of the building features include controlled entry, security, USC network accessibility, 24-hour laundry facilities and a fitness center.
The Shrine Collection occupies seven parcels of land totaling nearly two acres, just one block away from the University’s north campus near Figueroa Street. According to IPA’s Ron Harris, the placement of the properties in “a supply constrained core market with occupancy levels routinely achieving 100 percent for the school year and parent-guaranteed leases, the Shrine Collection is poised for continued growth.”