BRC Advisors is pleased to offer this student housing opportunity to acquire one of the premier, boutique student housing properties in USC’S Ellendale student housing district. The investment includes the purchase of a leasehold estate with 77 years remaining on the ground lease term (47 year initial term plus three 10-year options), plus $52,390.80 in annual ground rent credits over the next 27 years. Priced at $8,200,000, the purchaser can acquire this Lease Hold asset for a going in Cap Rate of 5.4%, after ground rent and adjusted for new property taxes. This is possible through the assignment of just over $1.4 million in prepaid ground rent payments to be credited to the buyer over the next 27 years. 2716 and 2718 Ellendale Place comprise a newly constructed (2014) boutique student housing property located in the highly desirable Ellendale neighborhood just a few short blocks north of the USC campus. The property consists of two buildings, known as "Dee Jay" and "The Joint," that contain 32 one-bedroom suites configured into ten (10) separate townhouse units with communal living rooms and kitchen areas for student residents.
All of the townhouse units have private exterior entries, unique floor plans, decks, high quality interior finishes, and are fully equipped with kitchen and laundry appliances. Both buildings are situated on a lushly landscaped, secured compound that includes a plunge pool, spa area, Viking grilling station, outdoor entertaining facilities and on-site parking.
PLEASE NOTE THE FOLLOWING:
1) DO NOT DISTURB TENANTS, DRIVE BY ONLY
2) Interior Inspection/Books & Records Granted with an Accepted Offer
3) Seller Selects all Services
4) Submit Current Proof of Funds
5) Submit Offer on Residential Income Property Purchase Agreement - CAR form
Disclaimer: All information has been secured from sources we believe to be reliable. However, we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information above and bears all risk for any inaccuracies.
