Photo: (L) Julio Davila, CEO, Ashland Pacific (R) John Carrick, Managing Principal, Integrated Capital Management

Ashland Pacific and investor Integrated Capital Management (ICM) have launched a $150-million joint venture focused on acquiring and managing $150 million of West Coast student housing properties.

Ashland Pacific will be the managing member of newly-formed Ashland Pacific Integrated (API), with primary responsibility for the venture’s day-to-day operations.

API’s first $18 million acquisition covers nine student housing properties near the USC campus in downtown Los Angeles, currently 94% occupied.

Marcus & Millichap’s Dan Lewin represented API in the transaction.

According to Ashland’s Julio Davila, “This joint venture enables us to take our proven acquisition and management model to more student housing markets on the West Coast, with a goal to quadruple assets in the next five years. Our first step was to acquire a base of properties in our own backyard around USC and make a large impact in downtown L.A.’s student housing market.”

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