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.

“The market for core development sites on the Westside is very strong, and the market's response to the Palm 90210 site is a direct reflection of that demand,” says Barr. “More than 100 developers, buyers and brokers viewed the marketing materials on the property website, and we received 18 offers from qualified developers.”

Developers are continually looking for new sites on the Westside. At Allen Matkins' View From the Top conference, industry experts pointed to multifamily development as a key theme of the current market.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Development
Los Angeles
Multifamily
National