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10/07/24
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Visionary Developments, run by Tobias and Terry Harris, paid $1.9 mil for a 10k sf double lot in L.A.’s East Hollywood submarket. The asset traded for $190.27 per square foot of land.
The property is located at 4541- 4545 Santa Monica Blvd, east of Vermont Ave. It’s zoned LAC2-1D and has a by-right unit count of twenty-four (24) units. Nearly RTI plans were delivered with the property, however the buyer opted to redo his own set of plans.
Jason Tuvia with Marcus & Millichap represented the buyer and the seller in the deal. According to Tuvia, the property sold all cash to a developer looking to utilize ED1 and build 75 affordable units.
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