A 160-bed student housing property near UCLA has sold for an undisclosed sum. The Westwood property has 31 units and is known as Studio 11024.
An L.A. company purchased the property from Dallas-based Phoenix Property Co.
The property, which was built in 2015, is two blocks from UCLA and Westwood Village.
CBRE Group Inc.’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson represented the seller in the transaction.
“The first-rate amenity package and attention to detail truly sets this building apart from others in the area,” Fitts said in a statement. “Studio 11024 drew substantial investor interest from both global student housing investors and local investors.”
Amenities at the property include a fitness center with a yoga studio, a study center, a community room, a courtyard with a grilling station and two rooftop decks.
“The new owner will benefit greatly from this investment as the Westwood Village submarket continues to evolve and expand with new opportunities,” Lustig-Bower said in a statement.
Student housing has been an in-demand asset type. In 2020, U.S. transaction volume for the asset type was $6.25 billion with a big chunk of that occurring in the second half of the year, according to data from Jones Lang LaSalle Inc.
In the first three quarters of 2021, the market saw $4.85 billion in transactions, according to JLL data.
Students returning to in-person classes, high rent collections even during lockdowns and the relative safety of student housing compared with other asset types like office are all driving investors to student housing, research shows.
Locally, Sawtelle-based Champion Real Estate Co. has purchased and sold properties near USC. Recently, the company sold Victory on Ellendale, a 96-bed community for $20.5 million.