Victory on Portland
2353 Portland St, Los Angeles, CA, 90007-1959, US
Jones Lang LaSalle, LP., JLL Real Estate Limited (collectively, "JLL") is pleased to present Victory on Portland (the "Property" or "Victory") in Los Angeles, California at the University of Southern California (the "University" or "USC") Current ownership invested significant capital to renovate the property and address deferred maintenance projects while concurrently building eight additional dwelling units ("ADUs"). Now the Property offers 55 units and 139 beds with luxurious finishes to students at California's largest university.
Exceptional student housing fundamentals in the USC market underpin outsized returns for a new owner. A dearth of housing supply in Los Angeles due to the high barriers to entry and strict development requirements has propelled off-campus occupancy above 95% for at least ten years and rent has increased by 30% during that time. Projections indicate demand for housing will only increase as USC projects continued enrollment growth and has been recognized as offering the best student life in America.
Victory on Portland presents a new owner the opportunity to achieve the market rates customarily associated with renovated units in the area. As leasing for the 2022-2023 academic year was partially impacted by the renovation project, the Property’s rates are below the level of comparable properties nearby. A new owner can capitalize on Los Angeles’s incredible fundamentals and improve the operational efficiencies at Victory to amplify the Property’s cashflows long into the future.
- Revenue Upside Opportunity – Ability to burn off massive loss-to-lease created by renovation project
- New Unit Mix Will Maximize Income – Eight new ADUs will increase efficiency and optimize cash flow
- World-Class Educational Programs – USC ranked as #1 Best Big College in America and is perennially one of the highest rated schools in the country
- Tier 1, Power-5 University – Recent announcement to join the Big Ten conference will only enhance university revenue and prestige
- Thoughtful New Features Adapted to Shifting Preferences – Recent renovation has positioned the unit and amenity package alongside the best in the market
- Unbeatable Location in Supply Constrained Market – Three blocks from campus and proximate to Greek Row