Landmark Properties Acquires 2,289-Bed Student Housing Property at University of California, Davis
Thursday, February 27th, 2020
Landmark Properties, a vertically-integrated student housing developer and owner-operator, acquired Sol at West Village, a 2,289-bed student housing property located at UC Davis in Davis, California.
Sol at West Village is an aspirational zero net energy (ZNE) apartment community, and it features extensive amenities including a 24-hour study hall, fully equipped fitness center, yoga studio, café, media theatre, dog park, two resort-style swimming pools and more.
“Sol at West Village is a tremendous addition to our growing Class A student housing portfolio,” said Landmark Properties President and CEO Wes Rogers. “As the nation’s most active student housing developer, we continuously pursue strategic opportunities to develop and acquire high-quality assets that are pedestrian to flagship universities.”
“Landmark has a lot of exciting plans for 2020, and we are looking forward to bringing our unsurpassed living experience to even more students and residents across the country.”
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 Ocean West Capital Partners. In August, Landmark acquired 446 beds in Ann Arbor, Michigan, and a combined 1,130 beds in Austin, Texas, and Tallahassee, Florida. In December 2019, the company acquired two developments totaling 311 beds in Tuscaloosa, Alabama.
In addition to the residential areas, Sol at West Village also includes 36,000 square feet of commercial space, which is currently being leased by UC Davis.
Sol at West Village was built in three phases delivered from 2011–2013. Landmark’s acquisition deal was brokered by CBRE’s National Student Housing Team led by Jaclyn Fitts and William Vonderfecht.
Landmark continues to pursue acquisition opportunities in markets across the country, adding to its impressive $5.3 billion owned properties portfolio. The company currently has 1,500 beds under contract with closings anticipated in the second quarter of 2020.