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7/05/16
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A private investor has acquired a 14.7k sf, two-parcel site in Silver Lake for development of an apartment project slated to contain 18 to 25 units. The property, located at 2326-2330 Glendale Blvd, on the east side of Silver Lake Reservoir, was sold by Urban Blox for $3.35 mil.
Judd Dunning of DWG Capital (formerly NGKF/ARA) and Roy Harel of Rodeo Realty represented Urban Blox in the transaction.
“The location was prime, near a forthcoming Whole Foods Market location with new rents in the area hitting the $4.00 PSF mark,” noted Dunning, who points out that Silver Lake is a very hot market right now.
“Those rents really made this project a superior long term build and hold project for the buyer. There is an ever-growing pool of seasoned small lot development developers on the hunt, with existing apartment cap rates so low, ready to buy quickly these days” Dunning added.
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