Selma & Highland
Selma & Highland
Two-property traditional multifamily portfolio in Glendale, CA.
LAND ENTITLEMENT | MULTIFAMILY
Selma & Highland
Project Profile
- Investment Type: Land Entitlement
- Purchase Price: $20,600,000
- Est.Project Cost: $23,200,000
- Est. Equity Investment: $5,100,000
Status
Sold
Business Plan
Acquired 17 non-contiguous parcels comprising three acres of land located in prime Hollywood, CA. Secure entitlements to construct and sell entitled property to merchant builder willing to build to lower yield on cost.
Investment Highlights
- Mixed-Use: Approvals for 248 market rate units, 13,000 square feet of retail and 194 parking spaces.
- Location: “AAA” location at center of Hollywood, CA.
- Purchase: Discount to market value, purchased direct from county-appointed receiver.
- Risk Mitigation: Reduced land basis by selling two stabilized office parcels and generating parking income from vacant lots
