Maher Commercial Realty is proud to announce the $6,500,000 sale of this high-density multifamily development site in Los Angeles’ Westlake neighborhood.
At $347 per square foot, the transaction represents the highest price per square foot paid for multifamily development land east of Beverly Hills since 2023.
- Sale Price: $6,500,000
- Land: 18,731 SF
- Price/SF: $347
- Zoning: R5
- Base Density: 93 Units
- Potential Density: 225 Units via AB 2334
- Planned Development: 100 Affordable Housing Units
- Future Project: 8 Stories | 79,780 SF | 6:1 FAR
- Unit Mix: 53 Studios | 19 One-Bedrooms | 28 Two-Bedrooms
This transaction was years in the making.
Beginning in 2019, Maher Commercial Realty worked with our client to assemble the development site, ultimately acquiring the third parcel off-market through our relationships and direct contacts with the neighboring property owner.
Over the years, we worked closely with ownership through numerous challenges affecting the property and its development potential, including issues involving historically designated structures on the site, changing development plans, evolving land-use regulations and dramatically shifting market conditions.
The original vision was a market-rate multifamily project geared toward young professionals. Following COVID, changing neighborhood conditions and development economics made that original business plan increasingly difficult to execute.
So we repositioned the opportunity.
Rather than simply marketing the property as R5 land, we focused on its value to affordable housing developers and the significant additional density potentially available through programs including ED1, CHIP and AB 2334.
We ultimately sourced an affordable housing buyer whose acquisition strategy included applying for Measure ULA funding.
What followed was anything but a conventional escrow.
The transaction remained in escrow for more than one year as we worked with the parties through multiple ULA funding applications, the buyer’s financing and underwriting process, changing timelines and the numerous issues that arise in a highly complex affordable housing acquisition.
Throughout that process, we continued working with our client and the buyer to navigate each new challenge, keep the transaction together and protect our client’s economics.
The result: a $6.5 million closing at $347 per square foot—a record-setting price and the highest price per square foot sale of multifamily development land east of Beverly Hills since 2022.
The property is now planned for 100 units of affordable housing serving low- and moderate-income Angelenos.
From assembling the site, to sourcing a critical parcel off-market, working through historic preservation and development issues, repositioning the asset for affordable housing, sourcing the eventual buyer, navigating multiple ULA funding applications and managing an escrow lasting more than a year, Maher Commercial Realty was involved every step of the way.
This is what complex development-site brokerage looks like.
It isn’t simply putting a property on the market and waiting for a buyer. It’s assembling the right pieces, solving problems, understanding the changing regulatory landscape, identifying the right capital and buyer profile, and staying relentlessly focused on getting the transaction across the finish line.
