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3/30/22
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An LA area-based company purchased Studio 11024, a contemporary, 160-bed, 31-unit student housing community serving UCLA in L.A.’s exclusive Westwood neighborhood.
Built in 2015, Studio 11024 is located two blocks from both UCLA and Westwood Village, and near Wilshire Blvd, a major corridor of condominium towers and Class A office towers. The property was sold by Dallas-based Phoenix Property Co.
The LOHA-designed building stands out with its unique façade and boasts top-of-market community amenities and interior finishes. Indoor amenities include an oversized fitness center with dedicated yoga studio and locker rooms, a study center with coworking inspired group and private study spaces, and a community room with a kitchenette. Outdoor amenities include a courtyard with a grilling station and two beautifully furnished rooftop decks surrounded by eco-friendly landscaping.
The units feature two-tone European cabinetry, white quartz kitchen and bathroom countertops, wood plank flooring, and a stainless steel appliances package with a side-by-side refrigerator. The property was designed with upgrades including large pantries and linen closets, stackable washers and dryers in all units, goose-neck faucets and large basin kitchen sinks, mosaic tile back splashes, tile shower surrounds, back-lit vanity mirrors, and a modern furniture package. Six units are two-story lofts with high ceilings and windows with ample natural light.
Jaclyn Fitts, William Vonderfecht, and Casey Schaefer with CBRE’s National Student Housing team and Laurie Lustig-Bower and Kadie Presley Wilson with CBRE’s Los Angeles Multifamily Investment Sales team arranged the transaction on behalf of the seller.
"The first-rate amenity package and attention to detail truly sets this building apart from others in the area,” said Fitts. “Studio 11024 drew substantial investor interest from both global student housing investors and local investors.”
Added Lustig-Bower, “The new owner will benefit greatly from this investment as the Westwood Village submarket continues to evolve and expand with new opportunities.”
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