The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 21, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
L.A. Westside Residential Purchased for Redevelopment Opportunity in $6 Mil Deal

11/08/19

An eight-unit multifamily property in the L.A. westside community of Westwood has sold for $5.95 mil. The property is located at 2027 and 2031 S. Beverly Glen, midway between Santa Monica and Olympic Blvds, in one of the most desirable rental markets in Los Angeles.

The asset, which currently consists of two fourplexes, was purchased in an off-market deal primarily for the land value, with plans to build 26 apartment units. The cost per buildable unit was $228,846 and $476 per square foot, well above the market threshold.

The development of the property will be under Tier 3 of the Transit Oriented Communities (TOC) program, which encourages the construction of affordable housing near public transit. The program gives increased density, height, and building size incentives to housing developers, in exchange for a percentage of affordable units in the new construction.

Michael Monempour with Kidder Mathews represented the buyer and the seller, a private investor, in the transaction.




Return to the previous page


 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media