Earlier this month, a large student housing portfolio sold, while another property wrapped development.
Axiom Westwood, a four-building housing portfolio with 153 units near University of California, Los Angeles, sold for $62.6 million. It is the largest property by unit count to sell in the area since 2020, according to Institutional Property Advisors, a division of Calabasas-based brokerage Marcus & Millichap.
IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, Raintree Partners, and found a private multifamily investor to buy the portfolio.
“Built between 1962 and 1967, the previous ownership invested significant capital from 2015 onward to transform Axiom Westwood into a turnkey asset,” Green said in a statement. “The buyer has the opportunity to focus on high return-on-investment strategic enhancements and operational improvements that can capture unrealized income.”
The assets are located at 415 Gayley Ave., 411 Kelton Ave., 555 Kelton Ave. and 555 Levering Ave. The portfolio has two swimming pools, gated and covered parking.
“Westwood continues to be one of the most supply-constrained markets in Los Angeles,” Grabiec said in a statement. “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.”
Completed project
Across town, a $56 million student housing community near University of Southern California recently wrapped.
Located at 1069 West Exposition Blvd., the property was developed by Mosaic Investment Partners, the development affiliate of Mosaic Student Communities.
Tessera is Mosaic’s first ground-up development and largest project to date. It is a seven-story building with 53 residential units and roughly 250 beds, and it has fully furnished studio to four-bedroom floor plans.
The property’s amenities include a 6,000-square-foot rooftop deck with a pool, dining areas, lounge spaces, pet park and fire pits. There are also study group rooms in addition to other features.
“Tessera represents a defining milestone for our firm,” George Alva, co-founder of Mosaic Investment Partners, said in a statement. “We set out to create more than student housing – we envisioned a thoughtfully designed, community-centered environment that supports academic success, fosters community, and reflects the energy of the USC neighborhood. Tessera embodies our commitment to design excellence and long-term investment in student-oriented communities.”
Mosaic Investment Partners specializes in the acquisition, development and renovation of multifamily properties in the USC submarket and owns 20 properties with more than 175 units. Mosaic Student Communities oversees a portfolio with more than 600 residents.
Mosaic Investment Partners developed the Tessera in collaboration with SVA Architects, Sorensen Architects, Oakwood Development Group and Alpha Construction. Jones Lang LaSalle Inc. arranged joint venture equity and mezzanine financing from HC2 Capital and a senior construction loan from Calmwater Capital for the project.
“This project reflects years of vision, collaboration, and perseverance. We are proud to deliver a high-quality, purpose-built community that will serve USC students for years to come,” Carlos Delherra, co-founder of Mosaic Investment Partners, said in a statement.
Tessera is less than a block from the USC campus and across from the Expo/Vermont Metro E Line station. It features a pedestrian paseo linking Exposition Boulevard to the residential areas west of campus.
