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7/06/17
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A foreign investor paid $26.5 mil for a multifamily development site in downtown Los Angeles. The property is entitled for a 24-story, 241-unit condo project that includes retail. The site sold for $795 per square foot.
The site is located at 1135 W. 7th St. It is directly adjacent to the planned new Mayfair Hotel, Bowery and 1010 Wilshire.
CBRE’s Phillip Sample, Michael Shustak, Chris Caras, and Brandon Bank represented the seller in the transaction.
Los Angeles maintained its position as the most preferred metro for investment in 2017, ahead of Dallas/Fort Worth and New York City, according to the CBRE Americas Investor Intentions Survey 2017.
“Money from all over the world continues to show great interest in U.S. gateway markets such as Los Angeles,” said Caras. “Particularly vibrant neighborhoods including our downtown core have been high on investors’ priority lists.”
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