REO Land Portfolio | West Hollywood | 2 Parcels | 10 Buildable Units
Considering selling? Get a complimentary, confidential valuation.
The LAAA Team of Marcus & Millichap is proud to announce the successful sale of this REO redevelopment portfolio of two primely located lots in West Hollywood, CA.
Deal Story
We co-listed these two land parcels with Agnew-Serling Group for the lender who had foreclosed on the previous owner. We launched in early September 2024, and initially, activity was slow. It was a challenging time of year, with the election just around the corner.
However, after about a month on the market, we sourced a local, experienced developer through our brokerage network who submitted a competitive offer on both listings. The seller, determined to achieve a specific sale price, was willing to provide the buyer with favorable financing terms to help meet that price expectation.
After a few rounds of negotiations, all parties signed a purchase agreement at $3,500,000. The buyer had a 17-day due diligence period, a short timeline for a land deal, and a 30-day close. The buyer removed contingencies on time without any renegotiation. However, we needed to extend the closing date due to a squatter residing on one of the properties, causing us to miss our targeted year-end close.
The LAAA Team of Marcus & Millichap is proud to announce the successful sale of this REO redevelopment portfolio of two primely located lots in West Hollywood, CA.
Deal Story
We co-listed these two land parcels with Agnew-Serling Group for the lender who had foreclosed on the previous owner. We launched in early September 2024, and initially, activity was slow. It was a challenging time of year, with the election just around the corner.
However, after about a month on the market, we sourced a local, experienced developer through our brokerage network who submitted a competitive offer on both listings. The seller, determined to achieve a specific sale price, was willing to provide the buyer with favorable financing terms to help meet that price expectation.
