LOS ANGELES-Laurus Corp. has completed the sale of what it deems a “prominent development site” located in the City of Beverly Hills in California. Although Laurus tells GlobeSt.com that the company is not able to disclose the final sale price at this time, the nearly one-acre site will be developed into residential condos.
The nearly 1-acre site is situated at the intersection of North Palm Drive and Civic Center Drive in the “Platinum Triangle” area of Beverly Hills. The fully entitled property was previously acquired in the midst of the economic crisis by 432 Beverly Hills LLC—an investment entity formed to acquire the property. Laurus and their equity partners were able to immediately recognize the value of this property and the upside ahead, leading to the acquisition at a highly distressed value, according to a prepared statement
Initial plans were for 432 Beverly Hills LLC to develop the five-story, 35-unit luxury residential condominiums, however, as market conditions began to improve, the opportunity arose to dispose of the asset, the company says, generating north of 30% IRR’s for the partners. Laurus and their equity partners plan on redeploying the capital into other acquisition opportunities in the multifamily, office and hotel sectors.
The purchaser, a development company, will be building out the five-story, 35-unit luxury residential condominiums. Their expertise and record of success ensures this development will be among the most successful to date - built in uncompromising beauty and style, according to a prepared statement. Further information on the buyer was not available by deadline.
According to an unidentified source, the buyer was ETCO Investments, and the planned units will range from 2,000 square feet to 3,400 square feet. ETCO Homes did not respond to GlobeSt.com queries by deadline for confirmation or for further information. Laurus could not confirm that ETCO Investments was the buyer at this time.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
