A near-finished apartment complex in Palms is set to be the latest property gobbled up by UCLA.

A notice issued yesterday indicates that the university's next acquisition is expected to be a nearly-finished apartment building at 3301 Canfield Avenue in Palms. Built by local developer Helio, the property is a six-story building featuring 50 three-bedroom apartments on its upper floors, and 12 accessory dwelling units at street level.

View of 3301 CanfieldUrbanize LA

The project was approved using Transit Oriented Communities incentives, allowing for a larger structure than would normally be allowed under zoning rules. In exchange, five of the new apartments are to be set aside for rent as deed-restricted affordable housing at the extremely low-income level.

In addition to having invested heavily in the construction of thousands of beds of on-campus student housing, UCLA also has a history of buying housing developments built by third parties. That includes a portfolio of 338 residential units in series of apartment complexes along the Santa Monica Boulevard corridor built by CIM Group, which were acquired four years ago.

Rendering of 3301 Canfield Avenue developmentReed Architectural Group

While the Canfield site may seem a bit distant from the main Westwood campus, the site sits roughly one mile from Culver City's Hayden Tract, where UCLA has facilities for its architecture program, and not far from the former Westside Pavilion, which the university is transforming into a research hub.

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