Earlier this month, a large student housing portfolio sold, while another property wrapped development.<\/p>\n
Axiom Westwood, a four-building housing portfolio with 153 units near University of California, Los Angeles<\/b>, sold for $62.6 million. It is the largest property by unit count to sell in the area since 2020, according to Institutional Property Advisors, a division of Calabasas-based brokerage Marcus & Millichap<\/b>.<\/p>\n
IPA\u2019s Kevin Green<\/b>, Joseph Grabiec<\/b> and Gregory Harris <\/b>represented the seller, Raintree Partners<\/b>, and found a private multifamily investor to buy the portfolio.<\/p>\n
\u201cBuilt between 1962 and 1967, the previous ownership invested significant capital from 2015 onward to transform Axiom Westwood into a turnkey asset,\u201d Green said in a statement. \u201cThe buyer has the opportunity to focus on high return-on-investment strategic enhancements and operational improvements that can capture unrealized income.\u201d <\/p>\n
The assets are located at 415 Gayley Ave., 411 Kelton Ave., 555 Kelton Ave. and 555 Levering Ave. The portfolio has two swimming pools, gated and covered parking.<\/p>\n
\u201cWestwood continues to be one of the most supply-constrained markets in Los Angeles,\u201d Grabiec said in a statement. \u201cDespite UCLA\u2019s plans to increase overall enrollment over 6% by 2030, there are only 545 new beds scheduled to be delivered in the next three years.\u201d<\/p>\n
Across town, a $56 million student housing community near University of Southern California<\/b> recently wrapped.<\/p>\n
Located at 1069 West Exposition Blvd., the property was developed by Mosaic Investment Partners, the development affiliate of Mosaic Student Communities<\/b>.<\/p>\n
Tessera <\/b>is Mosaic\u2019s first ground-up development and largest project to date. It is a seven-story building with 53 residential units and roughly 250 beds, and it has fully furnished studio to four-bedroom floor plans.<\/p>\n
The property\u2019s amenities include a 6,000-square-foot rooftop deck with a pool, dining areas, lounge spaces, pet park and fire pits. There are also study group rooms in addition to other features.<\/p>\n
\u201cTessera represents a defining milestone for our firm,\u201d George Alva<\/b>, co-founder of Mosaic Investment Partners, said in a statement. \u201cWe set out to create more than student housing \u2013 we envisioned a thoughtfully designed, community-centered environment that supports academic success, fosters community, and reflects the energy of the USC neighborhood. Tessera embodies our commitment to design excellence and long-term investment in student-oriented communities.\u201d<\/p>\n
Mosaic Investment Partners specializes in the acquisition, development and renovation of multifamily properties in the USC submarket and owns 20 properties with more than 175 units. Mosaic Student Communities oversees a portfolio with more than 600 residents.<\/p>\n
Mosaic Investment Partners developed the Tessera in collaboration with SVA Architects<\/b>, Sorensen Architects<\/b>, Oakwood Development Group<\/b> and Alpha Construction<\/b>. Jones Lang LaSalle Inc.<\/b> arranged joint venture equity and mezzanine financing from HC2 Capital<\/b> and a senior construction loan from Calmwater Capital<\/b> for the project.<\/p>\n
\u201cThis project reflects years of vision, collaboration, and perseverance. We are proud to deliver a high-quality, purpose-built community that will serve USC students for years to come,\u201d Carlos Delherra<\/b>, co-founder of Mosaic Investment Partners, said in a statement.<\/p>\n
Tessera is less than a block from the USC campus and across from the Expo\/Vermont Metro E Line station. It features a pedestrian paseo linking Exposition Boulevard to the residential areas west of campus.<\/p>\n","protected":false},"excerpt":{"rendered":"Earlier this month, a large student housing portfolio sold, while another property wrapped development. Axiom Westwood, a four-building…\n","protected":false},"author":3,"featured_media":757801,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5123],"tags":[1582,276,2961,224,5337,117293,311607],"class_list":["post-757800","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-ca","tag-california","tag-la","tag-los-angeles","tag-losangeles","tag-marcus-millichap","tag-mosaic-student-communities"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116479596087122940","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/757800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=757800"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/757800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/757801"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=757800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=757800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=757800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}