Landmark Properties, a real estate firm based in Athens, Georgia, is making waves in the Southern California student housing realm – most recently with the purchase of two student housing complexes in University Park near USC for a combined $100 million.

In partnership with investment firm Stockbridge, Landmark acquired Icon Plaza, a 57-unit mid-rise development with 252 beds at 3584 S. Figueroa St., and West 27th Place, a 161-unit mid-rise development with 452 beds at 530 W. 27th St.

Nationally, the average price per unit for student housing sales was $251,000, according to a 2024 student housing report from Berkadia.

JD Goering, senior vice president of acquisitions at Landmark, pointed to USC’s high demand for off-campus housing as a draw to investing in the community. According to the university, 65% of undergraduate students and 90% of graduate students live off campus.

“As a top-tier private research university, USC draws students globally, creating significant demand for housing that exceeds on-campus capacity,” Goering said in a statement. “…Icon Plaza and West 27th Place are ideally situated to deliver vital, purpose-built student housing.”

Planned upgrades for one site

Icon, which is 0.1 miles south of campus, has floor plan options ranging from two-bedroom units to five bedrooms. The complex also comes with 6,200 square feet of retail space on the ground floor which is currently occupied by Starbucks, Jersey Mike’s Subs, Movita, Juice Bar and Wingstop.

As part of its purchase of Icon, Landmark said it will renovate common areas and amenities.

On the other hand, Landmark does not have any major alterations planned for the West 27th complex, citing recent renovations.

The building, which is three blocks from the campus’ northern border, features studio units in addition to two-bedroom and four-bedroom units. Its 7,500 square feet of ground-floor retail spaces hosts Five Guys, Thai by Trio and Factory Tea Bar.

Amenities for both complexes include in-unit laundry, balconies, a swimming pool, a clubhouse and fitness and study centers. Icon also has a rooftop lounge, while West 27th offers a furniture package.

In addition to these buys, Landmark currently has two projects under construction: The Mark near UCLA and The Standard near USC. Combined, these projects will hold nearly 1,500 beds.

Expected to be ready by the fall 2026, The Standard development will span 429 units with 1,236 beds and will provide more than 60,000 feet of both indoor and outdoor amenity space. The Mark is currently offering leases for fall 2025 and hosts 37 apartments ranging from two bedrooms to five bedrooms.

According to the Berkadia report, UCLA ranked 18th for student housing supply and demand variation with a housing shortfall of more than 14,000 as of 2023.