Source: Ocean West Capital Partners
EL SEGUNDO, CA - An investment group led by Ocean West Capital Partners, Tiger Alternative Investors, Korea Investment & Securities Co., and Landmark Properties has closed on the acquisition of West Village, one of the country's largest student housing communities located at the University of California, Davis. The project was built in three phases from 2011 to 2013 and consists of over 50 individual buildings encompassing 2,289 beds and a best-in-class amenity package.
West Village is the largest net zero energy community in the United States, designed to produce as much energy as it consumes. To meet this goal, the community combines efficient overall design, with renewable on-site energy production via solar panels installed throughout the community. UC Davis remains deeply committed to sustainability and houses many of its research centers and programs at West Village.
"We at Ocean West are proud to have closed this large, complex transaction with our partners, and we are excited to continue working with the University to provide much needed housing for its students," said Russ Allegrette, Principal of Ocean West Capital Partners. "The opportunity to acquire West Village aligned perfectly with our student housing strategy of investing in top-tier public universities, with growing enrollments and a need for quality purpose-built student housing."
Phil Choi, Principal of Ocean West Capital Partners added, "UC Davis is consistently ranked as one of the top public universities in the country. Enrollments have continued to grow, while new student housing development has not kept pace. As a result, it can be difficult for students to find housing close to campus, and many are forced to live in older, non-institutional product far from campus. West Village presented us with a unique opportunity to acquire over 2,000 beds on-campus, and we are looking forward to engaging with the UC Davis community."