Institutional Property Advisors Brokers $62.6M Sale of Axiom Westwood Student Housing Portfolio Near UCLA
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced April 14 the sale of Axiom Westwood, a four-building, 153-unit student housing portfolio located adjacent to the University of California, Los Angeles (UCLA) in the city's Westwood neighborhood. The portfolio sold for $62.6 million, representing approximately $409,000 per unit. The transaction is the largest property by unit count to sell in Westwood since 2020.
Seller Raintree Partners was represented by IPA executive managing director investments Kevin Green, along with IPA's Joseph Grabiec and Gregory Harris, who also procured the buyer — identified as a private multifamily investor.
Property Overview and Value-Add Positioning
The Axiom Westwood portfolio comprises four buildings at 415 Gayley Ave., 411 Kelton Ave., 555 Kelton Ave., and 555 Levering Ave. The buildings were constructed between 1962 and 1967. According to IPA, the previous ownership invested significant capital beginning in 2015 to reposition the portfolio as a turnkey asset.
"Built between 1962 and 1967, the previous ownership invested significant capital from 2015 onward to transform Axiom Westwood into a turnkey asset," said Kevin Green, IPA executive managing director investments. "The buyer has the opportunity to focus on high return-on-investment strategic enhancements and operational improvements that can capture unrealized income."
The 415 Gayley Ave. and 411 Kelton Ave. buildings are situated directly adjacent to the UCLA campus, while 555 Kelton Ave. and 555 Levering Ave. are located two blocks away. All four properties are within walking distance of Westwood Village retail destinations including Target, Whole Foods, and In-N-Out, as well as the Southern Regional Library, Pauley Pavilion, and Marshall Field.
Community amenities include controlled access, laundry facilities, elevators, two swimming pools, three gas barbecue grills, and gated and covered parking. Individual units feature dual-pane windows, full-size kitchens, and air conditioning, with select units offering vaulted ceilings, fireplaces, and private patios or balconies.
Supply Constraints and Enrollment Growth
IPA brokers highlighted the supply-demand dynamics underpinning the transaction.
"Westwood continues to be one of the most supply-constrained markets in Los Angeles," said Joseph Grabiec. "Despite UCLA's plans to increase overall enrollment over 6% by 2030, there are only 545 new beds scheduled to be delivered in the next three years."
The portfolio's location also benefits from strong employment density. IPA noted approximately 20,000 jobs within a one-mile radius of the properties, with access to Interstate 405, Interstate 10, and U.S. Highway 101 placing an estimated 3.4 million jobs within a 30-minute drive.
Transaction Context
No financing terms were disclosed in connection with the sale. The transaction reflects a value-add investment strategy, with the incoming buyer positioned to pursue operational improvements and targeted capital enhancements on a portfolio that has already undergone renovation under prior ownership.
About the Parties
Institutional Property Advisors is a division of Marcus & Millichap dedicated to serving institutional clients across acquisition, disposition, and financing assignments. The IPA brokerage team of Kevin Green, Joseph Grabiec, and Gregory Harris represented the seller, Raintree Partners, in the transaction and procured the undisclosed private multifamily investor as the buyer.