Landmark Properties Begins Construction on 429-Unit Student Housing in L.A.
By Nick Trombola February 20, 2024 12:40 pm
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The University of Southern California will see more off-campus student housing at a time when more accommodations in Los Angeles are definitely needed.
Real estate firm Landmark Properties has begun work on The Standard at Los Angeles, a new mid-rise building featuring 429 units and 1,236 beds at 3900 South Figueroa Street, just a few blocks south of USC’s campus. Landmark’s in-house general contractor, Landmark Construction, will handle construction management for the project. The Athens, Ga.-based firm will also simultaneously renovate five townhomes nearby.
“We’ve been looking for opportunities near USC for a long time and we’re excited to be able to deliver a project of this scale to the students of USC,” Wes Rogers, president and CEO of Landmark, said in a statement.
The development, which is on the east side of Exposition Park, is expected to open in August 2026 and will include a mix of floorplans ranging from studios to five-bedroom apartments. The amenities featured at The Standard will also be one of the largest in Landmark’s portfolio in terms of square footage, with over 60,000 square feet of interior and exterior spaces such as an outdoor pool, a fitness center, grilling stations, lounges and courtyards.
The Standard will be Landmark’s second student housing community in Los Angeles, following construction of The Mark at Los Angeles, a 37-unit building going up in Westwood near UCLA expected to open by September.
Universities in and around L.A. have seen a number of student housing developments move forward in recent months, including Tessera, a 53-unit, seven-story building developing at West Exposition Boulevard by Mosaic Investment Partners. In September, Mosaic secured $56 million in financing from HC2 Capital and Calmwater Capital for the project, which is expected to finish construction for use by USC students by 2025.
Last April, Champion Real Estate secured a $40.5 million refinancing loan for University Village Fullerton, a 121-unit community nearby California State University-Fullerton. Champion bought that property in early 2021, later spending more than $10 million constructing new units and renovating existing ones at the site.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
