Two-property traditional multifamily portfolio in Glendale, CA.
LAND ENTITLEMENT | MULTIFAMILY
Selma & Highland
Investment Type: Land Entitlement
Purchase Price: $20,600,000
Est.Project Cost: $23,200,000
Est. Equity Investment: $5,100,000
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.
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