Colliers completed the $8,500,000 sale of a multifamily complex located at 1775 Beloit Av. in West Los Angeles. Vice chair Kitty Wallace represented both the buyer, UCLA Housing Group, and the seller, Enterprise Bank. The sale was completed through a court-appointed receivership process. UCLA Housing Group plans to convert the property into student housing.
Constructed in 2023, the seven-story, Type II co-living property comprises approximately 18,000 square feet and 16 residential units totaling 48 beds. The transaction closed at $531,250 per unit, or approximately $472 per square foot.
“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.”
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