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Colliers completes $8.5M sale of West LA co-living site
The transaction closed at $531,250 per unit and will be converted from 16 co-living units into student housing.
Colliers completed the $8,500,000 sale of a multifamily co-living complex at 1775 Beloit Ave. in West Los Angeles, with the deal carried out through a court-appointed receivership process, according to ConnectCRE.
Vice chair Kitty Wallace represented both sides of the transaction, the buyer UCLA Housing Group and the seller Enterprise Bank. The seven-story property was constructed in 2023 and totals about 18,000 square feet, with 16 residential units providing 48 beds.
ConnectCRE reports the sale closed at $531,250 per unit, or approximately $472 per square foot. UCLA Housing Group plans to convert the property into student housing.
Wallace said the deal reflects a broader shift in the Los Angeles multifamily market, citing muted rent growth after the pandemic alongside rising household incomes, replacement costs, and home prices, and noting investors are emphasizing well-located existing assets below replacement cost as supply constraints tighten.