A 62-unit apartment complex at the border of Los Angeles’ Cheviot Hills/Palms neighborhoods was acquired vacant by the University of California, Los Angeles for $39 million in an all-cash purchase. The deal works out to $629k/unit and $465 /square feet.
All 62 units offer deluxe interior design, including stainless steel appliances, quartz countertops, nine-foot ceilings, electronic keyless locks, in-unit washers and dryers, private balconies, custom Philips window coverings, phone-activated light fixtures, Nest thermostats, and rain shower heads.
Residents will enjoy access to an array of on-site amenities, such as Amazon parcel lockers, state-of-the-art indoor-outdoor fitness center, a co-working lounge with a conference room, and two expansive rooftop sundecks equipped with barbecues and breathtaking views of West LA, Century City, and the Hollywood sign.
The units will be made available to single graduate students on a shared basis with the two-bedroom/two-bath units going for $1,793/month per resident, and the three-bedroom/three-bath units renting for $1,319/month per resident. There is no on-site parking provided.
The units will be offered on a furnished basis, and will include the following: a sofa; a sofa end table; a media cabinet; and a dining table with four chairs. Each of the bedrooms will include a full-size bed, a nightstand and a desk with chair.
Kitty Wallace with Colliers represented the seller, Live Helio, in the deal, which closed in 64 days. As part of the agreement, the seller will complete the construction of Accessory Dwelling Units (ADUs) after the close.
The University of California, Los Angeles is a public land-grant research university in Los Angeles, California, United States. Its academic roots were established in 1881 as a normal school then known as the southern branch of the California State Normal School which later evolved into San José State University.
