Los Angeles — Institutional Property Advisors (IPA) has arranged the sale of The Shrine Collection, a 324-bed, 103-unit student housing community near the University of Southern California (USC), for $39.1 million.
The sales price equates to just under $380,000 per unit and approximately $120,700 per bed.
Ron Harris, IPA executive vice president of investments, Director Paul Darrow and Associate Director Michael DiSimone advised the seller, and procured the buyer, a joint venture between Stuho and Cambridge Capital Advisors.
Situated on seven parcels of land totaling more than two acres, the properties are Chez Ronne, The Bungalows, Roma, Pisa, Corsica and Habitat Soozee. All are located one block from USC’s main campus, one block west of Figueroa Street and less than two miles from downtown Los Angeles.
The portfolio’s properties feature controlled entry, security services, USC network accessibility, 24-hour on-site laundry facilities and all residents have the use of a fitness center.