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5/09/22
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The Onni Group has acquired 1.4 acres of development land along Wilshire Blvd in Los Angeles. Located at 5350-5376 Wilshire Blvd, in the city’s Mid-Wilshire neighborhood, the property is a block-to-block site with no height limit, making it an attractive high-rise development opportunity.
Featuring more than 250 feet of frontage along Wilshire Blvd, the site is situated one block from the future La Brea Wilshire Purple Metro Station, which will connect Mid-Wilshire to Downtown LA, Koreatown, Beverly Hills, Century City and Westwood. Currently, the property features retail shops, including a United States Post Office and The Wig Shop.
Kadie Presley Wilson and Laurie Lustig-Bower with CBRE’s Los Angeles Multifamily Investment Sales arranged the transaction on behalf of the seller, two private families.
“We took the site to market at the height of the pandemic and generated 20 offers despite rising construction costs,” said Presley Wilson. “Demand for multifamily housing in the Greater Los Angeles area, especially with proximity to mass transit, remains at all-time highs, making development
opportunities such as this highly sought after.”
Added Lustig-Bower, “This was a fantastic opportunity for the Onni, which is an experienced high-rise developer. The property will continue to provide some income while the buyer works through the entitlement process.”
The assemblage lies within the boundaries of “Tier 4” of the City’s Transit Oriented Communities program, which affords development incentives for up to approximately 430k sf of floor area if the required number of residential units are set aside for affordable housing. Alternatively, a development could make use of the state “density bonus” law and construct up to approximately 346k sf of floor area if the required number of residential units are set aside for affordable housing.
Onni is an active investor in commercial real estate throughout LA County. Their U.S. portfolio currently comprises over 8 msf of commercial properties, roughly 7,000 apartment units, several hotels and a development pipeline that will support in excess of 20 msf of future development. The company currently has three multifamily development projects underway in Los Angeles County.
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