BEVERLY HILLS, CA-Los Angeles-based Palm Drive Holdings Co. LLC has sold a 14,375-square-foot multifamily development site to an undisclosed buyer for $8.2 million. The double plot, located at 425-427 North Palm Dr., is in a prime location only one mile from the Golden Triangle of Beverly Hills.

A two-story, garden-style property with 12 units currently sits on the site, however the buyer plans to take advantage of development opportunities. The lot is one of only a few Beverly Hills sites approved for development projects up to five stories, or 55 feet, affording the possibility for a 13-unit luxury condominium complex with individual units valued at $630,000. The lot is zoned BHR4.

Hendricks-Berkadia brokers Adrienne Barr and Mark McDonald represented the seller in the transaction, while Lisa Rubel of Hilton & Hyland represented the buyer. The lot had a lot of interest from developers, which Barr, whose focus is multifamily development sites in the Valley and Westside, believes illustrates the strength of the market.