Colliers has completed the $8,500,000 sale of a multifamily co-living complex near UCLA, with plans in place to transition the asset to student housing. The property, located at 1775 Beloit Av. in West Los Angeles, was sold through a court-appointed receivership process. Vice chair Kitty Wallace of Colliers represented both the buyer, UCLA Housing Group, and the seller, Enterprise Bank, in the transaction.
The seven-story, Type II building was constructed in 2023 and delivered to the market as a co-living community. It comprises approximately 18,000 square feet and a total of 16 residential units. The existing co-living configuration provides 48 beds, positioning the asset for a relatively direct conversion to dedicated student housing. At closing, the sale price equated to $531,250 per unit and approximately $472 per square foot, underscoring investor interest in recently built, well-located multifamily assets near major educational institutions.
UCLA Housing Group intends to convert the property from its co-living format into student housing, aligning the building more directly with the university-oriented demand base in the immediate area. While specific timing and program details for the conversion were not disclosed, the acquisition reflects a strategy of repurposing newer multifamily inventory to serve student demand adjacent to a major campus.
Commenting on the deal, Wallace noted that the transaction is indicative of a broader shift in the Los Angeles multifamily market. Over the past decade, developers delivered a wave of co-living communities aimed at providing more attainable housing near the region’s largest employment and education centers. Since the pandemic, however, Los Angeles has experienced an extended period of muted rent growth even as household incomes, replacement costs, and home prices have continued to climb.
According to Wallace, these conditions, combined with increasing difficulty in launching new development and a contracting forward construction pipeline, are prompting investors to focus more heavily on acquiring existing assets below replacement cost. The 1775 Beloit Av. sale exemplifies this pivot, pairing a recently built co-living property with a buyer planning to reposition it as student housing, and doing so through a receivership process that brought a newer multifamily asset to market under distressed circumstances.
The transaction highlights how investors in the Los Angeles market are responding to evolving supply-demand dynamics by targeting modern, well-located multifamily properties that can be adapted to specific demand drivers such as student housing. It also illustrates how court-appointed receivership sales are contributing to the flow of newer multifamily inventory at pricing points that reflect both current rent performance and longer-term expectations for recovery in fundamentals.
