Westwood MF Complex Fetches $21M

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.”