Villa23 - USC Student Housing Opportunity
- Attractive unit mix with large unit floor-plans ideal for reconfiguration and addition of income-producing bedrooms.
- Absentee owned and mis-managed asset with significant deferred maintenance that presented significant upside potential. In-place rents at acquisition were approximately 65% below those at competing student housing assets
- Rapidly improving location within the USC university campus security zone, and less than one block from popular restaurants, cafes, and services. One mile north of the USC campus and nearby Exposition Park, the Los Angeles Memorial Coliseum, Banc of California Stadium, and the $1.5 billion George Lucas Museum. Less than 2 miles from Downtown Los Angeles and Koreatown employment centers.
- Obtained approved permit-ready architectural and engineering plans for remodeling and reconfiguration of the property, allowing for 6 new bedrooms and four new bathrooms within the building footprint. Permitting process included satisfaction of Historical Preservation guidelines and approved plans for soft-story retrofitting.
- Property construction is currently underway and scheduled for completion for August 2018 occupancy.
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Results as of March 2018 - Past performance and statements regarding earnings are no guarantee of future results.