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August 12, 2020
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L.A. Westside Residential Purchased for Redevelopment Opportunity in $6 Mil Deal


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.

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