Entitled Development Site | 6 Small Lots | Mid-City
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The LAAA Team of Marcus & Millichap is pleased to announce the successful close of 1818 Clyde Avenue, a high-profile development opportunity in Mid-City, one of the most increasingly attractive rental and ownership pockets in Los Angeles.
Property Overview
The proposed project is located on a 10,209 square foot corner lot, zoned LARD 1.5, in the 90019 zip code known as Mid-City. The proposed project calls for the construction of six (6) small lot homes, all coming equipped with high-end finishes, multiple levels, and individual private rooftop decks with breathtaking views of both Century City and Hollywood. Whether a prospective investor elects to sell each home individually, or rent them out to tenants, the floorplans and finishes were carefully selected to attract distinguished buyers and renters and play a key role in maximizing value while giving residents that luxury living feeling they’re in search of.
Deal Story
We first began speaking to the Seller in 2019 about a couple of new ideas that developers like himself could utilize with regards to certain tax and investment strategies. Although the Seller didn’t have any properties he was interested in transacting with at that time, he was appreciative of the information, and we continued to cultivate a relationship over time. Fast forward to September 2022; the Covid-19 pandemic led to major supply chain issues, which led to the skyrocketing of construction costs. Additionally, the lockdown across the country that sparked the remote work movement led to significant slowdown and a backlog of projects at the LA City Offices, as City employees were now working from home which proved to be much less efficient. On top of all that, the quick spike in interest rates left the Seller in a difficult situation. His project was delayed, his construction costs had skyrocketed, and his loan was coming due with an impending refinance that would have caused him to come out of pocket more than he could bear to afford with the other projects in his pipeline in need of capital injections. He was forced to make the difficult decision to sell, but he didn’t have much time. He reached out and hired us to get the deal done, and we only had about 60 days to do so.
The LAAA Team of Marcus & Millichap is pleased to announce the successful close of 1818 Clyde Avenue, a high-profile development opportunity in Mid-City, one of the most increasingly attractive rental and ownership pockets in Los Angeles.
Property Overview
The proposed project is located on a 10,209 square foot corner lot, zoned LARD 1.5, in the 90019 zip code known as Mid-City. The proposed project calls for the construction of six (6) small lot homes, all coming equipped with high-end finishes, multiple levels, and individual private rooftop decks with breathtaking views of both Century City and Hollywood. Whether a prospective investor elects to sell each home individually, or rent them out to tenants, the floorplans and finishes were carefully selected to attract distinguished buyers and renters and play a key role in maximizing value while giving residents that luxury living feeling they’re in search of.
Deal Story
