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andmark Properties, a real estate firm based in Athens, Georgia, has made a significant move into the Southern California student housing market with its recent purchase of two complexes near USC for $100 million. In partnership with Stockbridge, Landmark acquired Icon Plaza and West 27th Place, both mid-rise developments located within walking distance to campus.

    The average price per unit for student housing sales nationwide is around $251,000, according to a 2024 report from Berkadia. JD Goering, senior vice president of acquisitions at Landmark, cited USC's high demand for off-campus housing as a key factor in the investment decision. With 65% of undergraduate students and 90% of graduate students living off campus, the university's off-campus housing market is highly sought after.

    Icon Plaza, located just 0.1 miles south of campus, features floor plans ranging from two-bedroom units to five bedrooms, as well as 6,200 square feet of retail space on the ground floor. Landmark plans to renovate common areas and amenities at Icon. West 27th Place, which is three blocks from campus, offers studio units in addition to two-bedroom and four-bedroom units, along with 7,500 square feet of retail space.

    Both complexes offer a range of amenities, including in-unit laundry, balconies, swimming pools, clubhouses, fitness centers, and study spaces. Icon also features a rooftop lounge, while West 27th offers a furniture package. Landmark currently has two projects under construction: The Mark near UCLA and The Standard near USC, which will add nearly 1,500 beds to the market when completed in fall 2026.