On Wednesday, UCLA is seeking Regental approval to go ahead with a student housing project at 901 Levering Avenue in Westwood. A current low-rise structure at that location would be replaced with a 19-story apartment house containing 142 apartments with 1,130 student inhabitants. (The existing structure - shown below - to be replaced contains 52 students.) An additional 4 apartments would be for supervisory personnel. Financing costs would be almost $281 million with addition funding from housing "reserves" of around $70 million. All borrowing would be undertaken by the UCLA housing enterprise; UC (the Regents) would not be at risk.
The business plan for the property promises that the apartments would rented for 18% below market.
A full description can be found at:
https://regents.universityofcalifornia.edu/regmeet/mar26/f4.pdf.
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| Existing Structure at 901 Levering Ave. |
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