Colliers Brokers $8.5 Million Westwood Multifamily Sale to UCLA Housing Group for Student Housing Conversion
LOS ANGELES — Colliers announced the $8.5 million sale of a multifamily co-living property at 1775 Beloit Avenue in West Los Angeles, with UCLA Housing Group acquiring the asset from Rockland Trust through a court-appointed receivership process. Colliers Vice Chair Kitty Wallace represented both the buyer and the seller in the transaction, which closed Aug. 4, 2026.
UCLA Housing Group plans to convert the property into student housing, adding near-term capacity in one of Southern California's most supply-constrained rental submarkets.
Deal Details: Pricing and Property Specifications
The property at 1775 Beloit Avenue is a seven-story, Type II co-living building constructed in 2023, comprising approximately 18,000 square feet and 16 residential units totaling 48 beds. The transaction closed at $531,250 per unit, or approximately $472 per square foot.
The receivership structure of the sale created an opportunity for an institutional end user to acquire a recently built asset with a conversion agenda rather than compete on stabilized multifamily yield. Because the building was completed in 2023, it is expected to require less capital work than older multifamily stock, which can make a conversion to student housing faster and more economically viable than ground-up development.
Market Context: Why UCLA Housing Group Pursued the Acquisition
UCLA estimates that approximately 25,000 full-time students rely on off-campus housing each academic year, even after accounting for more than 20,000 university-owned beds. That structural imbalance between enrollment and available supply underpins the acquisition's rationale.
UCLA's longer-term housing expansion includes a proposed 19-story project at 901 Levering in Westwood Village that would replace five aging residential buildings and provide approximately 1,130 undergraduate beds. Delivery of that project is not anticipated until 2029, leaving a multi-year gap that makes near-term acquisitions in the submarket more strategically valuable.
"The imbalance between UCLA's growing student population and the limited housing available near campus creates a durable need for additional capacity," Wallace said. "Located just minutes from UCLA in the highly desirable Westwood-Sawtelle submarket, 1775 Beloit Avenue represents an ideal opportunity to reposition an existing high-quality asset into purpose-driven student housing. With enrollment continuing to expand and very little new housing expected to be delivered over the near term, adaptive reuse of existing multifamily properties has become one of the most practical and immediate solutions for increasing housing supply."
Broader Los Angeles Multifamily Trends
Colliers framed the transaction as part of a broader shift in the Los Angeles multifamily market toward acquiring existing assets below replacement cost as new development becomes more difficult and the forward construction pipeline contracts.
"The transaction reflects a broader shift underway across the Los Angeles multifamily market," Wallace said. "Over the past decade, developers increasingly delivered co-living communities to provide attainable housing near the region's largest employment and education centers. Following the pandemic, however, Los Angeles experienced a prolonged period of muted rent growth while household incomes, replacement costs, and home prices continued to climb. As new development has become increasingly difficult and the forward construction pipeline continues to contract, investors are placing greater emphasis on acquiring well-located existing assets below replacement cost in anticipation of improving supply-demand fundamentals."
Wallace noted that those dynamics are particularly evident in the UCLA submarket, where housing demand continues to outpace available supply.
Adaptive Reuse as a Student Housing Solution
The 1775 Beloit Avenue acquisition aligns with UCLA's broader housing strategy, which includes a commitment to providing four years of housing for eligible freshmen and two years for eligible transfer students. By repositioning a modern co-living asset rather than waiting for new ground-up supply, UCLA Housing Group is able to add beds to its inventory on a compressed timeline.
The deal illustrates how student housing demand, receivership sales, and adaptive reuse are converging in high-barrier neighborhoods like Westwood, where entitlement constraints and construction costs make new development increasingly difficult to pencil. Co-living product, with its higher bed-to-unit ratio, can be particularly well suited to conversion for student occupancy when location and building configuration align with institutional needs.