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1/03/23
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Edenrock Group acquired a double lot in Hollywood for $3.25 mil. The unentitled property is located at 852-848 North Detroit St, west of Highland Ave between Santa Monica Blvd and Melrose Ave.
The double lot has a combined land size of 13.5k sf. The zoning is [Q]LAR3-1XL, which allows for 11 by-right multifamily units. Along with tier two transit-oriented community development incentives, there is a total of 20 potential buildable units. The buyer plans on developing 10 units total. The buyer was the Edenrock Group.
Jason Tuvia with Marcus & Millichap and Nicholas Mejerski with the Tuvia Group, represented the seller. The buyer, a private investor, was also repped by the Tuvia Group. The property sold for $295.5k per by-right unit and $241.56 per land square foot.
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