Residential Community to Serve Students at the University of California
Los Angeles and Surrounding Area
ATHENS, Ga. (June 27, 2022) – Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, is expanding its student housing portfolio in California. The Mark at Los Angeles, a 166-bedroom community adjacent to the University of California Los Angeles (UCLA), is Landmark’s first property in the city of Los Angeles. Construction is expected to start on the property this summer.
“Westwood is severely underserved with high quality purpose built student housing, and we look forward to bringing our industry leading product to the students of UCLA,” said Wes Rogers, president and CEO of Landmark Properties. “Our team did a great job of sourcing this off market opportunity and navigating a challenging entitlement process to bring this project to fruition.”
Located at 10915 Strathmore Drive, The Mark at Los Angeles will offer several distinct floor plans, ranging from two- to five-bedroom apartments. The design of these units and the privacy they offer will stand out to potential residents when weighing options among comparable properties. The Mark will also offer five affordable units totaling 21 beds for residents.
Each apartment features a gourmet kitchen with ample cabinet space in addition to synthetic hardwood-style floors in the living area and carpet in the bedrooms. Every apartment includes in-unit washers and dryers – which are uncommon in this market – is fully wired for high-speed internet and cable, and all appliances are included. Residents will have access to an outdoor courtyard amenity area, and both private and community-wide rooftop terraces that include one of the few resort-style rooftop pools in the market.
The Parcel Transaction
Landmark purchased the property from the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS), which had owned the land and a building upon it since the mid-1950s. Over the course of the past 70+ years, the denomination provided chapel with worship services, bible studies, community outreach, and student residential units, primarily for UCLA students. As the deferred maintenance mounted and services dwindled, the LCMS chose to set up a foundation, from which the proceeds of a property sale could be used to fund student ministries across southern California and even into Arizona.
“Church and ministry are more than what happens in a building,” said Mike Gibson, President of the LCMS PSW District. “The sale of this property allows the Lutheran Church-Missouri Synod to reach students far beyond the parameters of what we were doing within the confines of the previous building. As we have set up the foundation, we will be able to serve students not only at UCLA, but at other college campuses throughout Southern California and Arizona. The proceeds from the sale will fund campus pastors that will remain involved in student life and provide resources to students for many, many years to come.”
Foundry Commercial represented the seller in the transaction. “Landmark was a tremendous partner throughout the entire process,” said Chris Bury, Senior Vice President for Foundry's Religious, Education & Not-For-Profit Group. “They saw the vision for both the district and the property. We worked through all development issues together as a team. Their creativity and expertise maximized value while protecting the seller from liability.”
Construction on the property is expected to be completed by September 2024. The Mark at Los Angeles is an easy walk to UCLA’s sports complexes, academic buildings, medical center and fraternity row. Residents are also conveniently located near Westwood Village, which features a Whole Foods, Target, Starbucks and Chipotle, among other restaurants and retail merchants. Students who have access to a vehicle will be able to arrange parking in the Mark’s below-ground garage for an additional fee. Mark at Los Angeles is Landmark’s fourth student housing development in California.
About Landmark Properties
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development and management of high-quality residential communities. With more than $9.5 billion assets under management, Landmark’s portfolio includes nearly 100 residential communities across the country with approximately 57,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 16 student and multifamily projects under construction with an estimated value at $3.1 billion. Landmark’s mission is to be the leader in development, construction, operations and investment management of luxury housing communities, by delivering unrivaled service and experience to residents, partners and employees. For more information, visit www.landmarkproperties.com.