UCLA Acquires Nearly Finished Apartments for $39M

The University of California at Los Angeles has acquired a nearly finished apartment building intended for more student housing in the Cheviot Hills neighborhood of L.A.’s Westside. 

The 62-unit property at 3301 South Canfield Avenue, dubbed Canfield Apartments, was developed and sold by West Hollywood-based firm Helio to UCLA for $39 million in cash, or $629,032 per unit. Located about five miles southeast of the UCLA campus, the 83,931-square-foot property features 50 three-bedroom apartments, and Helio will construct 12 ground-floor accessory dwelling units as part of the deal. 

Colliers (CIGI) Senior Executive Vice President Kitty Wallace represented Helio in the deal. It was not immediately clear who represented UCLA. 

“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, Helio managing director, said in a statement. 

In other Bruins news last month, the university was given a $120 million donation from billionaire surgeon and investor Dr. Gary K. Michelson and his wife Alya Michelson toward the launch of the California Institute for Immunology and Immunotherapy, which will take 360,000 square feet at the nascent UCLA Research Pavilion in L.A.’s Sawtelle neighborhood. 

Nick Trombola can be reached at ntrombola@commercialobserver.com