University of California Gets Los Angeles Apartment Complex for $39M
Seller Live Helio will be responsible for finishing the construction of the ADUs.
The University of California has aquired a Los Angeles luxury apartment complex, which will provide housing for students, for $39 million.
The Class A property spans a total of 83,931 square feet, with 62 units. Per SF, the cost comes out to $465, or $629,032 for each unit.
Located in Cheviot Hills at 3301 South Canfield Avenue, all of the apartment rentals come with stainless steel appliances, nine-foot ceilings, keyless locks, washers and dryers, quartz countertops, private balconies, rain shower heads, window coverings, and light fixtures. Plus, tenants get various amenities including an indoor and outdoor fitness center, two rooftop sundecks, a coworking lounge, and Amazon lockers.
Also, the agreement will require the seller, Live Helio, to finish the construction of the accessory dwelling units once the deal closes.
Colliers senior executive vice president Kitty Wallace, who will be a speaker at GlobeSt.’s multifamily conference from October 14-15, brokered the deal.
“We’re proud to have created a property that not only meets the highest standards of modern living but also contributes to addressing the city’s housing needs.” Simon Lazar, managing director of Live Helio said.
“We did not have student housing in mind when we designed the project, but as a former Bruin myself, I’m pleased we are able to contribute to UCLA’s housing needs. We are deeply committed to the Palms/Greater Culver City sub market, and we believe UCLA will be a wonderful addition to the neighborhood.”
Wallace refers to Cheviot Hills as an “under-supplied” area. And that’s the opposite of what it’s been for multifamily generally in the country, with high supply limiting rent growth.
However, CRE participants are confident in California’s multifamily market reversing the trend. Of the respondents, 60 percent see multifamily demand outpacing the supply in the Northern part of the state in the coming years. And 57 percent think the same will apply to Southern California.