News Column

Canada : $3.9 Million Buys Student Housing Complex Near USC

June 21, 2014



Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of G6 Apartments, a five-unit 25-bedroom student housing property one block from the University of Southern California s (USC) main campus in Los Angeles. The $3,900,000 sales price equates to $780,000 per unit and $156,000 per bed.

Ron Harris, executive vice president investments, Paul Darrow, senior associate and Michael DiSimone, senior associate, all in Marcus & Millichap s Los Angeles office, represented the seller, G6 Apartments LLC. The buyer is a private investor.

G6 apartments is a recently constructed boutique student housing community that was created on a small scale to provide students with a quiet living environment, says Harris. The property consistently maintains full occupancy at near top-of-the-market rents and is poised to produce strong cash flows and returns for the new owner in both the near and long term.

Built in 2009 at 1188 W. 36th Place in Los Angeles, the property is a short walk or bike ride from USC and approximately two miles from LA Live!, the Staples Center and Downtown Los Angeles.

The G6 Apartments amenity package includes gated parking spaces, a furnished living area, onsite laundry facilities and storage space. Interiors feature spacious living and kitchen areas, granite countertops, stainless-steel appliances, dark-wood cabinetry, hardwood flooring, modern plumbing fixtures, recessed lighting, large windows, and central air conditioning. Select units have loft-style ceilings.


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Source: TendersInfo (India)


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