Wiseman Residential, a prominent real estate developer in Southern California, has purchased a multifamily property located at 10751 Missouri Avenue in Los Angeles, California, for $3,025,266 in an off-market deal. The seller was a private investor. Kidder Mathews commercial real estate broker, Michael Monempour, represented both parties in the transaction.
The apartment building is located in the Westwood neighborhood of Los Angeles where rental property is in high demand.
“The property was not for sale, but we brought the seller a strong offer with price and terms too good to refuse,” said Monempour. “The apartment building value was about $2,750,000 and the seller was about to obtain 10 percent above market value for the land,” he said.
There is an existing 5,450 square foot building on the property, and the buyer plans to develop it further to include 20 units. The cost per square foot of land was $373 and $302,526 per buildable unit, making it a record high price for a single lot sold in West Los Angeles this year.
“This is by far the most expensive single lot transaction in West L.A. this year,” said Monempour. “The developer owned the adjacent parcel and had plans to build ten units on it. When I helped him secure this parcel as well, it enabled him to expand his development to 20 units and benefit from the corner lot location,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 750 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 50 million square feet of space, and conducts 1,600 appraisals annually. For more information, visit kidder.com.