A student housing community near the University of California, Los Angeles has recently been placed up for sale. According to marketing information from Maher Commercial Realty, the 54-bed community is on the market with guidance pricing set at $12.5 million, or about $231,481.
The building is located at 541-545 Glenrock Ave. and is currently owned by HK Glenrock LLC, an entity affiliated with Heewon Kwon, according to public records. The property has been owned by the entity since 1996 and was previously marketed as a “per unit” community, according to the listing, before switching to “per bed” in an effort to increase net operating income, which is $505,018. In total, the property offers and offers 10 rooms with 27 bedrooms.
The student housing community also offers two floors of subterranean parking with more than 40 spaces, an elevator, an exterior courtyard with seating and a lobby.
“The building and units are in great shape with very little capital improvement budget needed to bring them to state-of-the art condition. Only two units have carpeting, most bathrooms have been upgraded, some kitchens need updating. The common area and exterior are in excellent looking condition,” the property listing states.
Located near UCLA, the property is situated just East of Interstate 405 in the city’s Westwood neighborhood. The community is primarily among other multifamily and student housing buildings, with a number of retail amenities also located nearby at Westwood Village.
In general, the multifamily market in Los Angeles continues to see strong levels of occupancy and continued sales, according to a third quarter multifamily market report from Colliers. That report showed that Greater Los Angeles’ occupancy levels grew to 96.7 percent in the third quarter of the year, while rental rates increased by nearly five percent to $2,148 per month year-over-year. At the same time, total sales volume has reached $8.7 billion this year, while the average sales price for multifamily properties in Los Angeles has grown by 6.4 percent in the past year.
