Institutional Property Advisors (IPA), a division of Marcus & Millichap, CLOSED the sale of Axiom Westwood, a four-building, 153-unit student housing portfolio adjacent to the University of California, Los Angeles (UCLA) in the city’s Westwood neighborhood. The transaction is the largest property by unit count to sell in Westwood since 2020, according to IPA. The sale price was $62.6 million.
The portfolio was built between 1962 and 1967. “The previous ownership invested significant capital from 2015 onward to transform Axiom Westwood into a turnkey asset,” said Kevin Green, IPA executive managing director investments. “The buyer has the opportunity to focus on high return-on-investment strategic enhancements and operational improvements that can capture unrealized income.”
Green, Joseph Grabiec and Gregory Harris of IPA represented seller Raintree Partners and procured the buyer, a private multifamily investor. “Westwood continues to be one of the most supply-constrained markets in Los Angeles,” said Grabiec. “Despite UCLA’s plans to increase overall enrollment over 6% by 2030, there are only 545 new beds scheduled to be delivered in the next three years.”
Located at 415 Gayley Ave., 411 Kelton Ave., 555 Kelton Ave. and 555 Levering Ave., the buildings are within walking distance of popular Westwood Village destinations. The 415 Gayley and 411 Kelton buildings are adjacent to the UCLA campus, while 555 Levering and 555 Kelton are two blocks away.
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