Landmark Properties Acquires 2,289-Bed Student Housing Community at University of California, Davis
DAVIS, CALIF. — Landmark Properties has acquired Sol at West Village, a 2,289-bed student housing community at the University of California, Davis (UC Davis) campus, which is situated about 15 miles west of Sacramento. While the sales price was not disclosed, the transaction is the largest single-asset sale to date in the student housing sector, according to sources.
Amenities at the on-campus property include a 24-hour study hall, fitness center, yoga studio, café, media theater, dog park and two swimming pools. Sol at West Village also includes 36,000 square feet of commercial space, which is currently leased to UC Davis. The community was built in three phases between 2011 and 2013.
Sol at West Village is the largest net zero energy community in the United States, meaning it is designed to produce as much energy as it consumes. To meet this goal, the community combines efficient overall design with renewable on-site energy production via solar panels installed throughout the community.
“Sol at West Village is a tremendous addition to our growing Class A student housing portfolio,” says Wes Rogers, president and CEO of Landmark. “We continuously pursue strategic opportunities to develop and acquire high-quality assets that are pedestrian to flagship universities.”
The purchase represents Landmark’s fourth acquisition in the past six months, including its third transaction completed in partnership with an investment group led by Southern California-based Ocean West Capital Partners.
Jaclyn Fitts and William Vonderfecht led the CBRE team that brokered the sale on behalf of the seller, Carmel Partners. Will Baker, William Shell and Doug McDaniel of Walker & Dunlop, in collaboration with Tim Bradley of TSB Capital Advisors, arranged $293 million in Fannie Mae acquisition financing on behalf of the buyers.
Athens, Ga.-based Landmark maintains $5.3 billion of assets under management. Its portfolio includes more than 60 student housing properties across the country comprising more than 37,800 beds, including more than $1.8 billion in assets currently under construction.
— Kristin Hiller