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April 5, 2020
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Ashland Pacific and Integrated Capital Management Team Up in Venture to Acquire West Coast Student Housing Properties

3/05/20

Ashland Pacific and Integrated Capital Management have formed a joint venture that will focus on acquiring and managing $150 mil of student housing properties on the West Coast. Ashland Pacific will be the managing member of newly formed Ashland Pacific Integrated (API) with primary responsibility for the venture’s day-to-day operations.

API closed its first purchase with the acquisition of an $18 mil portfolio of student housing assets located less than one mile from the University of Southern California (USC) campus. These nine properties, comprised of 84 beds which are currently 94% occupied, immediately catapult API among the top owner/operators of student housing for USC students. Dan Lewin of Marcus & Millichap represented API in the transaction.

“This joint venture enables us to take our proven acquisition and management model to more student housing markets on the West Coast with a goal to quadruple assets in the next five years,” said Julio Davila, CEO & President of Ashland Pacific. “Our first step was to acquire a base of properties in our own backyard around USC and make a large impact in downtown LA’s student housing market.”

API brings together a combined 20 years of student housing and 40+ years of institutional expertise at Ashland Pacific with the extensive private equity and advisory platform of ICM for the intention of significantly expanding its acquisition of student housing over the next five years. With this most recent acquisition, Ashland Pacific’s student housing owned/managed portfolio grows to 40 properties valued at nearly $70 mil around USC.

Given only approximately 15% of student housing needs at USC are currently served on-campus, mainly serving freshman, and demand for off-campus alternatives is only going to grow as both undergraduate and graduate enrollment increases, the new venture is well positioned to capitalize on the burgeoning student housing market. Moreover, API intends to drive value by bringing operational best practices to the sub-institutional market serving more than half of student housing needs.





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