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11/16/15
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A joint venture partnership between Stuho Inc and Cambridge Capital Investors has acquired the Shrine Collection student housing portfolio at the University of Southern California (USC). The portfolio, which consists of six properties comprising 103 units and 324 beds, was acquired for $39.1 mil.
The seller was a partnership between a large West Los Angeles apartment investor and an institutional investment fund. We’re told this is the largest student housing acquisition in the Los Angeles market in 2015.
Situated just north of the renowned Shrine Auditorium and only one block north of the main campus of USC, the Shrine Collection is less than two minutes from the library, fraternity row and the Galen Center. Comprised of six properties, the portfolio features a mix of one-bedroom and two-bedroom apartments with double occupancy per bedroom.
Ranging from attractive Spanish-style 1920s construction (The Bungalows) to contemporary 1980’s and 90’s vintage product (Chez Ronnee and Habitat Soozee), the Shrine Collection provides a variety of architectural styles and floor plans designed to appeal to discerning students as well as those seeking more affordable housing options. Given its desirable location at the epicenter of student life, the Shrine Collection has historically maintained near 100% occupancy.
Stuho Inc, an affiliate of the purchaser has been retained to manage the portfolio. The new owners plan to implement a renovation program at the properties over the next three years to address much needed upgrades.
Stuho specializes in opportunistic and value-added student housing investments. The firm was founded over 15 years ago by two USC graduates to take advantage of the fragmented student housing market around USC and is currently one of the largest private owners and operators of student housing in the USC local market with over 1,700 beds currently under ownership and/or management.
Stuho is also currently building and under construction with a brand new ground up mixed-use student housing development consisting of 300 beds plus office and retail space at the intersection of Hoover and Adams Avenue.
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