A rare Westwood multifamily property, located at 2027 and 2031 S. Beverly Glen in Los Angeles, California, has sold for $5,950,000. Kidder Mathews’ multifamily investment broker, Michael Monempour, represented the seller, a private investor, and the buyer in the transaction.
The property consists of two existing fourplex buildings located in the Westwood neighborhood, one of the most desirable rental markets in Los Angeles. It was purchased in an off-market deal primarily for the land value, with plans to build 26 apartment units. The cost per buildable unit was $228,846 and $476 per square foot, well above the market threshold.
The development of the property will be under Tier 3 of the Transit Oriented Communities (TOC) program, which encourages the construction of affordable housing near public transit. The program gives increased density, height, and building size incentives to housing developers, in exchange for a percentage of affordable units in the new construction.
“This was an off-market deal that led to a bidding war between arguably the two best developers in the prime Westside. The seller realized this was the most opportune time to sell and was close to making a deal before I brought in another developer who outbid the other,” said Monempour.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 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 70 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.