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September 17, 2019
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MULTIFAMILY NEWS
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West Los Angeles Land Assemblage Sale Goes for Over $600/sf

7/11/19

A rare triple-lot multifamily assembly in West Los Angeles has sold for $9.4 mil, or $613/sf. The properties are located at 10448, 10456 and 10460 Santa Monica Blvd, just west of Beverly glen Blvd at the edge of Century City.

The property consists of three apartment buildings, with a total of 18 units, on 15.3k sf of land. It is within walking distance of the Westfield Century City Mall and only a few blocks from the construction of a new Metro Station and the Westside Pavilion, which will be completely occupied by Google, once a retail space to creative office space conversion is completed.

We’re told the sale sets a record for price per square foot of land in West Los Angeles. A nearby property on the corner of Beverly Glen and Santa Monica Boulevard, consisting of five vacant lots, sold for $12 mil, $467 per square foot.

The property had previously been on the market in 2014 for $8.7 mil, but never sold. Today, it falls within the city’s new Transit Oriented Communities Affordable Housing Incentives Program (TOC), with a density bonus allowing for 67 units and approximately 50k sf. Before TOC, when the property was on the market in 2014, the maximum allowable development was 52 units and 23k sf. The buyer plans to develop 67 units and will be responsible for relocating the 18 existing tenants.

The sellers were three separate investors, Danny Monempour, an apartment syndicator, and private investors, Roland Patterson and Elaine Landis. The buyer was Coffee Tree Vacaville LLC, a Los Angeles area developer. Michael Monempour of Kidder Mathews along with Ramin Gheitanchi of Keller Williams Beverly Hills represented all parties in the transaction.

“Having three sellers with three separate goals, this was a very complex deal,” said Monempour. “Due to the lack of inventory and high demand in the area, there was tremendous interest. In the first three weeks on the market, over 10 offers came in, and we spoke with every major developer in West L.A. Though the price was high, in the long run this project will cater to the community for generations to come,” he said.






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