Mixed-use residence for UCLA medical students completes

Suffolk has recently completed the construction of 1500 Granville, a multifamily, mixed-use facility in West Los Angeles. The five-story, 174,000-sf complex is a new housing option for UCLA Medical’s House Staff (medical residents, fellows, and interns), medical graduate students, and other graduate students.

1500 Granville features 153 studio, one-bedroom, two-bedroom, and live-work units; 15,000-sf of retail; and 308 spaces of subterranean parking. Sixteen of the units are set aside as affordable. Residents will have access to a variety of indoor and outdoor gathering spaces including a clubhouse, co-working space, a gym, a pool area, BBQ, and multiple outdoor and courtyard areas for recreation.

1500 Granville interior

The ground floor retail and restaurant spaces feature multiple outdoor dining and recreation areas that connect the public building space to the surrounding community. These new spaces will look to create an “urban village” to engage the public stretch of roadway that has been known for speeding cars and heavy traffic.

The project is the final phase of a multi-block development that was previously occupied by car dealerships.

Across the country, multifamily rents have skyrocketed. Year-over-year rents are up by double digits in nine of the top 30 markets, while national YoY rent growth is up 6.3%. Emerging from the pandemic, a perfect storm of migration, enhanced government stimulus and a hot housing market, among other factors, has enabled this extremely strong growth.