LOS ANGELES-Cohen & Associates and Highroad Realty and Management has acquired a 60-unit Westwood multifamily complex for $21.5 million. Located at 886 Hilgard Ave., the property is in a highly desirable neighborhood near the UCLA campus with a strong demand for student housing.

Acquisition opportunities in the neighborhood are rare. The seller, whose name is undisclosed, purchased the property in 1974 from a fraternity, and, in 1976, developed the property into a multifamily complex. “The pocket of 125 apartment buildings north of Wilshire around UCLA is arguably the most desirable in Westwood, which is why very few ever change hands,” says Marcus & Millichap's Tony Azzi, who along with George Azzi represented both the buyer and the seller in the transaction. “It is not surprising to see a building under the same ownership for decades. This one in particular had the same owner for nearly 40 years.”

The four-story apartment community has one- and two-bedroom units and two-story townhouses. Several of the units feature fireplaces and balconies. The property also features an onsite four-story and gated parking structure. Although the property has good bones, the buyers believe it is in need of renovation and plan to invest “extensive capital.” The have hired David Cho, a feng shui expert, and designer James Rosen to work on the property.