LaSalle Investment Management has added a 482-bed student housing community in California to its US portfolio.
The real estate manager acquired 27 North Apartments in San Jose for an undisclosed sum, with national student housing operator The Dinerstein Companies serving as operating partner.
Built in 2016, 27 North is a seven-storey, 119-unit student housing asset located near San Jose State University (SJSU). The property sits on roughly 1.1 acres and includes two levels of structured parking.
Jeff Shuster, president of LaSalle’s value partners, said: “27 North combines strong in-place cash flow with attractive market dynamics in a location supported by a large and growing student population. We believe active asset management can enhance the property’s performance and support long-term value creation for our investors.”
Joseph Paskov, SVP of LaSalle value partners, said: “Situated two blocks from the San Jose State University campus in the heart of Silicon Valley, 27 North is a high-quality asset in an irreplaceable location.
“We believe the property is well-positioned to serve the growing SJSU student body at a time when well-located, purpose-built student housing in San Jose remains extremely limited.”
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