Sep 30 2019

Ocean West Led Group Acquires $250 Million of Student Housing

Ocean West Capital Partners, Tiger Alternative Investors, Korea Investment & Securities Co, and Landmark Properties have partnered to acquire five student housing communities

EL SEGUNDO, Calif., Sept. 30, 2019 /PRNewswire/ — An investment group led by Ocean West Capital Partners (“Ocean West”), Tiger Alternative Investors, Ltd. (“Tiger”), Korea Investment & Securities Co., Ltd. (“KIS”), and Landmark Properties (“Landmark”) has closed on the acquisition of two student housing portfolios which together consist of five student housing communities totaling nearly 1,600 beds. The five properties are located in three premier college markets: University of Michigan in Ann Arbor (2), University of Texas at Austin (2), and Florida State University in Tallahassee (1).

The first portfolio consists of two student housing communities adjacent to the University of Michigan (“UM”): Z Place (248 beds) and Z West (198 beds). The communities, constructed in 2009 and 2012, have been fully leased since construction and have premier locations within one block of the Diag and central campus. Ownership plans to further enhance the resident experience with capital improvements to the living units, common areas and amenities.

The second portfolio consists of three brand new student housing communities near the University of Texas at Austin (“UT Austin”) and Florida State University (“FSU”). The off-market transaction includes Nine @ West Campus (345 beds) and Nine @ Rio (347 beds) near UT Austin, and Nine @ Tallassee (438 beds) near FSU. Nine @ West Campus first opened for the 2018/19 academic year, while Nine @ Rio and Nine @ Tallahassee are currently in their first years of operation and are both 100% leased.

“Ocean West and our partners are excited to close on these transactions and are looking forward to finding additional investment opportunities in the student housing sector. As college enrollments continue to grow, there is a deep need for purpose-built student housing that developers have only just started to address in recent years. Ocean West will continue to target student housing acquisitions around top-tier public universities with strong records of academic excellence that offer real value to its students and graduates.” –Russ Allegrette, Principal of Ocean West Capital Partners

“We are ecstatic to join the communities at the University of Michigan, University of Texas at Austin, and Florida State University – all flagship, public universities in their respective states – and we look forward to improving the student experience at these prestigious institutions through our partnership with our best in class operating partner, Landmark Properties.” –Phil Choi, Principal pf Ocean West Capital Partners

“KIS is excited about the long-term prospects for well-located student housing at world class universities. KIS will continue to increase investments in US real estate markets in various asset classes with reliable partners. It is great to be working with Ocean West, Tiger and Landmark, and we look forward to working with them on future deals.” –Jamie Lee, Senior Managing Director of KIS

Ocean West Capital Partners, formed in 2010, has acquired and operated commercial real estate investments valued at nearly $2.9 billion and completed over $5.8 billion of commercial real estate transactions. With over 100 years of combined experience and $50 billion of real estate transactions completed among its principals, Ocean West Capital Partners is a full-service real estate investment, operations, and management platform dedicated to identifying and executing opportunities that create long-term value for its partners and investors.

KIS is a leading securities company in Korea with a comprehensive range of asset management and investment banking services including securities brokerage for domestic and international investors, underwriting, IPOs, derivatives, real estate, fund management, and financial advisory services. 

Tiger was established in 2018 and spun off from one of the top performing hedge funds in Korea. Since its inception, Tiger oversees over US $1.9 billion AUM in diversified asset types and regions. With extensive institutional investor relationships and capital markets expertise, Tiger creates sustainable value for its clients.

Landmark Properties is ranked as the nation’s most active student housing developer and top student housing contractor.  A vertically-integrated developer and owner-operator with over 750 employees and $4.1 billion of assets under management, Landmark’s current portfolio includes more than 60 student housing properties across the country and more than 33,500 beds, including over $2.97 billion in assets currently under construction.

SOURCE Ocean West Capital Partners