Ashland Pacific, a vertically integrated real estate firm, announced today that it has formed a joint venture with Integrated Capital Management (ICM), a Los Angeles–based investment management firm, that will focus on acquiring and managing $150 million of student housing properties on the West Coast. Ashland Pacific will be the managing member of newly formed Ashland Pacific Integrated (API) with primary responsibility for the venture’s day-to-day operations.
API staked its first claim with the acquisition of an $18 million portfolio of student housing assets located less than one mile from the University of Southern California (USC) campus. These nine properties, comprised of 84 beds that are currently 94 percent occupied, immediately catapult API among the top owner/operators of student housing for USC students. Dan Lewin of Marcus & Millichap represented API in the transaction.
Given only approximately 15 percent of student housing needs at USC are current
