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5/18/21
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Farco Properties LLC, a privately held Los Angeles-based investment company, paid $5 mil for a 0.29-acre multifamily development site near the University of Southern California in Los Angeles. Located at 647 W. 28th St, the site provides a development opportunity on “Fraternity/Sorority Row” within walking distance of the University of Southern California.
The site, which is currently unentitled and used as a parking lot, is within a designated Opportunity Zone and is classified as a Tier 3 Transit-Oriented Community. Farco Properties plans to develop a multifamily project.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the private seller. According to Paydar, the USC multifamily submarket is severely undersupplied relative to current student enrollment and is likely to continue to experience unmet needs as student numbers increase into the future.
“The property’s excellent ‘Fraternity/Sorority Row’ location close to the USC campus and USC Village shops and restaurants attracted strong interest from developers,” said Lustig-Bower. “Our marketing efforts ultimately generated 13 offers.”
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