The multifamily sector is still going strong and rent growth is accelerating, but developers should still exercise caution, say speakers at last week’s RealShare Los Angeles’ ‘Multifamily Momentum’ panel.
Canfield Development buys three adjacent lots that total 28,000 square feet in the highly sought-after Koreatown market with plans to redevelop the properties.
Only July 24, 2014 Canfield Development, Inc. sold a 28 unit, Class A apartment building on the corners of Courtleigh Drive and Kensington Drive in Mar Vista, CA. Strategically located near the 405 Freeway and Interstate 90, the project was completed in the winter of 2014. The four story building sits atop one level of on-grade parking. The project lies on an approximately 17,500 square foot lot and is comprised of 41,330 building square feet. The building boasts at total of 23, two and three bedroom units with modern finishes. Canfield sold the project to an unnamed buyer who was looking to satisfy a 1031 requirement. The property traded for $15,080,000, or $538,571 per unit.
