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Institutional Property Advisors, a division of Marcus & Millichap, has completed the sale of Axiom Westwood, a four-building student housing portfolio immediately adjacent to the University of California, Los Angeles. The portfolio totals 153 units in the Westwood neighborhood and traded for $62.6 million, which IPA notes makes it the largest property by unit count to change hands in Westwood since 2020.
The Axiom Westwood buildings were originally constructed between 1962 and 1967. According to IPA executive managing director investments Kevin Green, the previous owner invested significant capital beginning in 2015 to reposition the properties as a turnkey student housing asset. With that work in place, Green said the buyer can now concentrate on targeted strategic upgrades and operational initiatives aimed at capturing additional income that has not yet been realized.
Green, along with IPA colleagues Joseph Grabiec and Gregory Harris, represented the seller, Raintree Partners, in the transaction and also sourced the buyer, described as a private multifamily investor. The team acted on both sides of the deal, providing advisory and brokerage services through IPA.
Grabiec highlighted that Westwood remains one of the most supply-constrained submarkets in Los Angeles. He pointed to UCLA’s plans to grow overall enrollment by more than 6% by 2030 while only 545 new student beds are expected to be delivered over the next three years. Against that backdrop, the repositioned Axiom Westwood portfolio is positioned to benefit from limited new supply in a market with strong, institution-driven demand.
The four Axiom Westwood buildings are located at 415 Gayley Avenue, 411 Kelton Avenue, 555 Kelton Avenue and 555 Levering Avenue. The properties are within walking distance of popular destinations in Westwood Village and are closely integrated with the UCLA campus. The buildings at 415 Gayley and 411 Kelton sit directly adjacent to the university, while the properties at 555 Levering and 555 Kelton are two blocks from campus, providing students convenient access to both academic facilities and neighborhood amenities.
The post IPA Closes $62.6M Sale of 153-Unit Axiom Westwood Student Housing Near UCLA appeared first on CRE Market Beat.
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