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10/21/20
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A vacant, 8.8k sf parcel of land within an Opportunity Zone in Hollywood was purchased by a Los Angeles-based developer for $3.75 mil. The site, located at 5717 Carlton Way, is fully entitled for the development of Fifty-Seven 17, a 39-unit apartment community.
The planned project is a seven-story building consisting of five levels of residences over two levels of above-ground parking. The unit mix includes five two-bedroom units, 29 one-bedroom units and five studios.
Mark Ventre and Darin Beebower with Stepp Commercial represented the seller, a Los Angeles-based developer that specializes in entitling and assembling land. Ivan Marchetti of Revel Real Estate repped the buyer, who intends to start construction immediately.
“We marketed this project as an opportunity for a developer to immediately begin construction since it has city-approved, ready-to-issue permits and a full set of construction drawings that include architectural, structural, mechanical, electrical, plumbing, civil and landscaping plans,” said Ventre.
Beebower added, “The Hollywood submarket continues to see demand for rental housing from a young demographic which makes up over 40 percent of the population here. This project is in a prime location that is walkable to a variety of tech, media and entertainment jobs, nightlife/recreation, restaurants and the Metro Red Line, which is just a few blocks from the property.”
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