Case Study
Overview
Foundry represented the Lutheran Church-Missouri Synod (LCMS) in the sale of a church property located just outside the UCLA campus.
Location
Los Angeles, CA
Leveraging Funds from Sale to Fund Ministry
Foundry represented the Lutheran Church-Missouri Synod (LCMS) in the sale of a church property located just outside the UCLA campus.
Over the course of the past 70+ years, the denomination provided chapel with worship services, bible studies, community outreach, and student residential units, primarily for UCLA students, at the property. As the deferred maintenance mounted and services dwindled, the LCMS chose to set up a foundation, from which the proceeds of a property sale could be used to fund student ministries across southern California and even into Arizona.
“Church and ministry are more than what happens in a building,” said Mike Gibson, President of the LCMS PSW District. “The sale of this property allows [us] to reach students far beyond the parameters of what we were doing within the confines of the previous building.” Since the sale, LCMS has set up a foundation, from which the proceeds of the sale could be used to fund student ministries across southern California and even into Arizona.
Landmark Properties purchased the property, which it intends to turn into a student housing community. The Mark at Los Angeles, Landmark’s first property in the city of Los Angeles, will be a 166-bedroom community adjacent to UCLA will offer five affordable units totaling 21 beds for residents. Construction on the property is expected to be completed by September 2024.
“Landmark was a tremendous partner throughout the entire process,” said Chris Bury, Senior Vice President for Foundry’s Religious, Education, and Non-Profit Group. “They saw the vision for both the district and the property. We worked through all development issues together as a team. Their creativity and expertise maximized value while protecting the seller from liability.”