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Buyer to Bring Purpose-Built Student Housing with The Mark at Los Angeles
In a recent transaction that underscores a larger trend of religious organizations seeking new uses for their existing real estate, Foundry Commercial represented the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS) in the sale of a Los Angeles-based property it had owned since the mid-1950s.
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 the Lutheran Church-Missouri Synod to reach students far beyond the parameters of what we were doing within the confines of the previous building. As we have set up the foundation, we will be able to serve students not only at UCLA, but at other college campuses throughout Southern California and Arizona. The proceeds from the sale will fund campus pastors that will remain involved in student life and provide resources to students for many, many years to come.”
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, & Not-For-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.”
As the largest real estate service provider to religious and not-for-profit organizations in the country, Foundry Commercial’s Religious, Education, & Not-For-Profit Group focuses on helping religious, educational, and non-profit organizations be the best possible stewards of the real estate assets with which they have been entrusted. For more information on this transaction, contact Foundry Senior Vice President Chris Bury chris.bury@foundrycommercial.com or Senior Associate Charlie Howarth at charlie.howarth@foundrycommercial.com. To learn more about Foundry’s Religious, Education, & Not-For-Profit Group, visit https://www.foundrycommercial.com/services/asset-type/religious-non-profit.stml.