March 4, 2020
Joint Venture to Invest $150 Million in Student Housing
The Los Angeles Business Journal reports on a $150 million joint venture to acquire and manage student housing on the West Coast.
Downtown-based property management company Ashland Pacific and West Los Angeles-based Integrated Capital Management, an investment management firm, have formed Ashland Pacific Integrated. The venture will purchase, manage and develop student housing properties, including value-add features. Ashland Pacific is the managing member.
The venture’s first purchase is an $18 million portfolio of student apartments near USC. The portfolio has nine properties and 84 beds and is 94% occupied.
Dan Lewin represented Ashland Pacific Integrated in the transaction.
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