Condo Developers Spend $152M in Six Months

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LOS ANGELES, CA-Buyers planning condominium conversions or condo construction from the ground up have accounted for three-quarters of the dollar volume of deals closed by one of L.A.’s busiest multifamily brokerage teams in the past six months. Laurie Lustig-Bower of Team Lustig-Bower tells GlobeSt.com that condo developers who have acquired apartment buildings and other properties either for conversion or for ground-up construction have accounted for more than $152.2 million of the team’s $201 million in deals during that time.

Of that $152.2 million, Lustig-Bower tells GlobeSt.com, $100 million was for condos that will be built from the ground up and the rest was for conversions of apartments into condos. An example of the ground-up construction is a parcel at the House of Blues site in Hollywood that sold for $27.2 million, where the developer will build condos and underground parking on what is now a surface parking lot.