Davis, Calif. — Landmark Properties has acquired Sol at West Village, a 2,289-bed, mixed-use student housing community serving the University of California, Davis, for approximately $446.7 million. The transaction is the largest single-asset sale to date in the student housing sector, surpassing the $235 million University View transaction in 2018.
The community offers a mix of one-, two-, three- and four-bedroom units alongside 36,000 square feet of commercial space, which is currently leased to the university. The property offers amenities including a 24-hour study hall, fitness center, yoga studio, cafe, media theater, dog park and two resort-style swimming pools.
“Sol at West Village is a tremendous addition to our growing Class A student housing portfolio,” says Wes Rogers, president and CEO of Landmark Properties. “We continuously pursue strategic opportunities to develop and acquire high-quality assets that are pedestrian to flagship universities.”
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 Southern California-based Ocean West Capital Partners.
Jaclyn Fitts and William Vonderfecht of CBRE’s National Student Housing team brokered the transaction on behalf of the seller, Carmel Partners. Walker & Dunlop arranged financing on behalf of the buyers.
“Our team is thrilled to successfully represent this momentous transaction,” says Fitts, executive vice president at CBRE. “Sol at West Village received incredible global investor interest, driving pricing to record-breaking levels. Additionally, the eco-friendly components of the community — including solar panels throughout, architectural features that optimize solar orientation and recycled building materials — were an additional attraction for investors, who are increasingly focused on environmental, social and governance investing.”