The following case study describes our process selling our recently closed property at 1156 W. Florence Avenue, Los Angeles, CA 90044.

Having a Pulse on the Market

Even though our bread and butter are existing multifamily buildings, we have sold multiple development deals in the past which have enabled us to have a larger footprint in this industry sector.  That being said, a client reached out to us about development opportunities similar to one that we had sold several months ago.  

The buyer was from overseas; however, he assembled an impressive team in Los Angeles to spearhead the acquisition and development for any future projects.  The criteria for this fund included small sites in South Los Angeles with C2 zoning in order to build 100% affordable housing.  

We immediately opened escrow on a parcel that most owners would consider “hairy” because it involved a homeless encampment and the fire department visiting the site multiple times due to fires at the property.  With these obstacles in mind, the buyer submitted an offer that was agreeable with the seller and guaranteed surety of closing escrow.  

The deal was relatively smooth despite some minor title issues that were quickly resolved, as well as the homeless encampment. In the end, we closed escrow in roughly sixty (60) days and the buyer is already working with the City through the entitlement process.

While the market has changed due to a multitude of reasons (i.e., interest rates, insurance, Measure ULA, inflation, etc.), we have continued to find and create value for our clients.  Without a strong foothold in Los Angeles County land development and multifamily sector, this deal would not have materialized! We look forward to reproducing similar results for you.

Call us if you have any questions regarding this deal and/or to discuss how we can be a resource for you.

Find out how we can help you sell you commercial real estate property. Call KingSide today.