In a rare transaction, Los Angeles investors have purchased an apartment building in Westwood near UCLA for $21.5 million.
New owners Cohen & Associates and Highroad Realty & Management said they plan to upgrade the 60-unit complex at the northeast corner of Hilgard and Le Conte avenues that was built in the 1970s.
Housing near the university is hard to come by and properties in the area rarely come on the market, real estate broker Tony Azzi of Marcus & Millichap said. Apartment vacancy there is typically below 3%.
“The pocket of 125 apartment buildings north of Wilshire around UCLA is arguably the most desirable in Westwood, which is why very few ever change hands,” he said.
The seller, Jasin Co., acquired the property from the AEPi fraternity in 1974 and built the four-story building in 1976, said Adrian Goldstein of Highroad Realty.
The new owners plan to reposition the building by making improvements to the units and the exterior, said Gidi Cohen, president of Cohen & Associates. Renovations will include a new gym as well as upgraded kitchens and bathrooms.
There will also be a rooftop lounge with a sun deck, fire pit and barbecue, Cohen said. The property will be renamed 888 Hilgard.
By Roger Vincent