Asset type	Operational
Location	Los Angeles, USA
Capacity	135 units
Seller	Raintree Partners
Buyer	Private investor
Value	$62.6 million

Project visualisation

Source: Raintree Partners

Located adjacent to each other at 415 Gayley Ave., 411 Kelton Ave., 555 Kelton Ave. and 555 Levering Ave., the student housing buildings are within walking distance of the UCLA campus and Marshall Field. They are also close to a host of retail destinations, as well as some 16 miles from downtown Los Angeles.

Completed between 1962 and 1967, the buildings rise three and four stories. The unit mix comprises studio, one- and two-bedroom floorplans ranging between 525 and 1,150 square feet.

Select layouts also include private balconies or patios. Shared amenities consist of multiple laundry facilities, two swimming pools, barbecue grills and covered parking. Raintree implemented several capital improvements at the properties.

Strategic context

This was the largest property by unit count to sell in the Westwood neighborhood since 2020, according to IPA. The assets previously traded for $54.6 million—about $356,535 per unit—in 2014.