Shrine Collection

Los Angeles, CA, US, Americas

Portfolio description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present The Shrine Collection ("The Shrine" or the "Property"), a 103 unit, 342 bed student housing community steps away from The University of Southern California ("USC" or the "University"). The Property consists of six buildings located just north of USC campus, surrounded by desirable retail and USC's fraternity row. The Shrine Collection offers rare proximity to one of the nation's top universities and the second largest metro area in the country.

The Shrine is currently 96% occupied, driven by strong tenant demand and a desirable amenity set. USC's off-campus housing market offers 18,557 purpose-built beds, compared to over 33,500 students requiring off-campus housing and 47,000 students enrolled at the University.

Unit Interiors at The Shrine Collection are renovated with modern finishes and stainless-steel appliances. The Property also hosts a new 24/7 fitness center and outdoor amenities including a new pet park, courtyard and terrace areas with grills and furniture, and private patios and balconies in select units. The outdoor space is complete with inviting greenery, all within the USC University Park neigborhood.

New ownership is offered rental upside at the Property, as rents at The Shrine are substantially below the top of the market, despite a superior location to competitive properties and new finishes across the Property. The Shrine offers the opportunity to take advantage of rent runway in the USC market, in one of the market's best locations.

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Attributes

Number of units

103

Beds

345

Occupancy

96%

Shrine Collection (6 Properties)

Media

Investment Highlights

TIER 1, 45,000+ POWER 4 UNIVERSITY

The Shrine Collection serves the University of Southern California, which hosts 47,000 students. The University has demonstrated excellent demand as a result of its top-30 academic ranking, tier-1 research opportunities, and elite athletics, as a new member of the Big 10 Conference. USC has continued to improve as one of the top academic institutions in the nation; the University set a record high for applicants (82,027) and record low for acceptance rate (9.8%) in 2024.

BARRIERS TO ENTRY

In addition to a location that does not offer space for additional development, new supply in the USC market will be constrained by land-use regulations, environmental restrictions (CEQA, California Environmental Quality Act), and continued community resistance to new construction (NIMBYism, Not in My Backyard).

SIGNIFICANT RENT DISCOUNT TO TOP OF MARKET

The Shrine Collection offers rents at a substantial discount to nearby competitors, while maintaining a superior location to the competitive set. The Shrine presents a rare opportunity to own steps away from USC with future rent runway.

PREMIER LOCATION IN USC MARKET

Located just steps away from USC, The Shrine Collection is one of the closest properties to campus, while also offering a top proximity to local retail and USC’s fraternity row. Demand for the Property will continue to be supported by its unmatchable location for on and off-campus life, along with significant outsized demand for student housing at USC compared to available supply.

8 MINUTES FROM DOWNTOWN LOS ANGELES

The Shrine Collection is just an 8-minute drive from Downtown Los Angeles, and a 20-minute drive or less to the city’s most attractive neighborhoods for work and leisure. Los Angeles is the world’s third largest economy and global center for entertainment. Its diverse activity offerings, including beaches, film, theater, sports, and retail, along with diverse career opportunities, will continue to drive demand at USC, as evidenced by its record setting applicant growth.