Raintree Partners has sold a portfolio of Westwood apartments catering to student tenants for $62.6 million.
The portfolio, called Axiom Westwood, has four buildings and 153 units near the UCLA campus, Multi-Housing News reported. Institutional Property Advisors, a unit of Marcus & Millichap in Calabasas, brokered the deal and secured a private investor as the buyer.
The transaction marks Westwood’s largest sale by unit count since 2020, underscoring renewed investor interest in student housing near major universities. The assets last traded for $54.6 million in 2014, reflecting appreciation over the past decade.
Located at 415 Gayley Avenue, 411 Kelton Avenue, 555 Kelton Avenue and 555 Levering Avenue, the properties sit adjacent to UCLA and Marshall Field, offering proximity to retail and entertainment hubs and roughly 16 miles from downtown Los Angeles. Built between 1962 and 1967, the three- and four-story buildings feature studio, one- and two-bedroom units ranging from 525 to 1,150 square feet, with select apartments including private balconies or patios.
Shared amenities include two swimming pools, barbecue areas, multiple laundry facilities and covered parking, enhanced by recent capital improvements.
IPA’s Kevin Green, Joseph Grabiec and Gregory Harris led the brokerage team. Raintree Partners, run by co-CEOs Jason Check and Aaron Hancock, has offices in Dana Point and San Francisco.
UCLA’s fall 2025 enrollment reached 46,678 students, down 4.1 percent year-over-year, according to Yardi Matrix. Despite enrollment fluctuations, student housing investment remains active, concentrating on assets near top-tier universities with strong fundamentals.
Development around the UCLA campus continues, with the school announcing plans last year to build a 19-story, 148-unit project. In 2024, Landmark proposed an 84-unit building adjacent to the school.
Nationally, investors remain confident in well-located, high-performing student housing markets. Provident Resources Group recently landed $250 million in debt to build student housing at Florida International University. Earlier this year, Core Spaces’ acquired The Collective at Columbia, a complex near the University of Missouri, paying an undisclosed price for 972 beds.
– Joel Russell
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