UCLA has bought a nearly completed complex with 62 apartments in West Los Angeles for $39 million.
The University of California paid cash for the five-story Canfield Apartments at 3301 South Canfield Avenue, in Cheviot Hills, the Commercial Observer reported. The school plans to use the property for student housing.
The seller of the charcoal complex was its developer, West Hollywood-based firm Helio Group. Broker Kitty Wallace represented Helio in the deal, which works out to $629,032 per unit.
The 83,900-square-foot building, five miles southeast of the UCLA campus in Westwood, has 50 three-bedroom apartments. As part of the deal, Helio will build 12 ground-floor accessory dwelling units, normally associated with backyard granny flats.
“We did not have student housing in mind when we designed the project, but as a former Bruin myself, I’m pleased we are able to contribute to UCLA’s housing needs,” Simon Lazar, managing director for Helio, said in a statement.
A cost and timeline for completion were not disclosed.
The Bruins have been on a buying spree on the westside of L.A.
Last month, philanthropist Dr. Gary Michelson pledged $120 million to found a medical institute, the anchor tenant at a UCLA research campus carved from the former Westside Pavilion in West L.A.
In January, the University of California paid $700 million for the former indoor mall, which was in the middle of an office conversion by Hudson Pacific and Macerich, with Google as the target tenant.
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In addition to the former Westside Pavilion, the University of California bought two other properties to be used as satellites by landlocked UCLA in Westwood.
The purchases include the historic Trust Building in Downtown Los Angeles and the former Marymount California University campus in Rancho Palos Verdes.
— Dana Bartholomew