February 28, 2020
Sol at West Village, a 2,289-bed, 663-unit class A student housing community in Davis, CA has been sold to a joint venture quartet including Ocean West Capital Partners, Korean investors Tiger Alternative Investors, Ltd. and Korea Investment & Securities Co., Ltd. (KIS), and Landmark Properties for an undisclosed sum.
Market sources place the transaction north of $235 million, a record-setting number for a single-asset transaction in the student housing sector.
CBRE’s student housing specialists Jaclyn Fitts, William Vonderfecht and Casey Schaefer, in partnership with CBRE’s Marc Ross in Sacramento, represented the seller, Greystar.
Located at 1580 Jade St. in Davis, the property encompasses 51 three-story buildings on the UC Davis’ campus. West Village is the largest net-zero energy community in the United States, designed to produce as much energy as it consumes. The property averaged more than 98% occupancy over the last three years.
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