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8/05/26
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UCLA Housing Group acquired an 18k sf multifamily asset in West Los Angeles consisting of 48 beds in 16 unit for $8.5 mil ($531k/unit). The seven-story property, located at 1775 Beloit Ave, south of Santa Monica Blvd and adjacent to the west side of the 405 Fwy, was sold by Enterprise Bank.
Constructed in 2023, the Type II co-living property will be converted into student housing, further expanding housing capacity in one of Southern California’s most supply-constrained rental markets. The acquisition aligns with UCLA’s broader housing strategy. It reflects the increasing importance of repositioning modern multifamily assets to address sustained enrollment growth, limited new supply, and the university’s ongoing commitment to providing four years of housing for eligible freshmen and two years for eligible transfer students.
Colliers Vice Chair Kitty Wallace represented both the buyer and the seller in the deal. The transaction was completed through a court-appointed receivership process.
“The transaction reflects a broader shift underway across the Los Angeles multifamily market,” said Wallace. “Over the past decade, developers increasingly delivered co-living communities to provide attainable housing near the region’s largest employment and education centers. Following the pandemic, however, Los Angeles experienced a prolonged period of muted rent growth while household incomes, replacement costs, and home prices continued to climb. As new development has become increasingly difficult and the forward construction pipeline continues to contract, investors are placing greater emphasis on acquiring well-located existing assets below replacement cost in anticipation of improving supply-demand fundamentals.”
UCLA continues to pursue long-term housing expansion, including its proposed development at 901 Levering in Westwood Village. The 19-story project is expected to replace five aging residential buildings with 52 beds and provide approximately 1,130 undergraduate beds, although delivery is not anticipated until 2029. In the interim, university housing remains significantly constrained. After accounting for more than 20,000 university-owned beds, UCLA estimates that approximately 25,000 full-time students rely on off-campus housing each academic year.
Wallace noted that those dynamics are particularly evident in the UCLA submarket, where housing demand continues to outpace available supply.
“The imbalance between UCLA’s growing student population and the limited housing available near campus creates a durable need for additional capacity,” Wallace said. “Located just minutes from UCLA in the highly desirable Westwood-Sawtelle submarket, 1775 Beloit Avenue represents an ideal opportunity to reposition an existing high-quality asset into purpose-driven student housing. With enrollment continuing to expand and very little new housing expected to be delivered over the near term, adaptive reuse of existing multifamily properties has become one of the most practical and immediate solutions for increasing housing supply.”
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