Studio 11024 changes hands
By Dolores Quintana
Studio 11024 has changed hands from a Dallas-based company called Phoenix Property Company to a Los Angeles based company as reported by the LA Business Journal.
The facility has 31 units and 160 beds and is located near UCLA in Westwood. It sold for an undisclosed amount and was built in 2015.
Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Laurie Lustig-Bower and Kadie Presley Wilson of CBRE Group Inc. represented the seller. FItts said, as quoted by the LA Business Journal, “The first-rate amenity package and attention to detail truly sets this building apart from others in the area. Studio 11024 drew substantial investor interest from both global student housing investors and local investors.”
Lusti-Bower said, in a statement quoted by the LA Business Journal, “The new owner will benefit greatly from this investment as the Westwood Village submarket continues to evolve and expand with new opportunities.”
Housing for students has become a hot property among real estate assets. In the United States, the transaction volume for these types of properties has been $6.25 billion and a large amount of those sales occurred in the latter half of the year according to data from Jones Lang LaSalle Inc. JLL data has confirmed the trend in 2021 with the first three quarters of 2021 showing $4.85 billion in such transactions.
Studio 11024 has student amenities like a fitness center that comes with a yoga studio, a study center, community room, two rooftop decks and a courtyard with a grilling station. With students returning to classes in person, high rent collections that continued even during the lockdowns and the financial stability of student housing in comparison with other types of real estate assets like office buildings has turned investors towards student housing as a more suitable option according to research.
Champion Real Estate Company has been purchasing and selling properties that are near USC. The company has recently sold VIctory on Ellendale, which is a 96 bed student housing site for $20.5 million.
