The Noho Arts District continues to be in high demand. Developers are looking to get their hands on deals and builders are looking for more projects to take on.
Mammoth sized developments are taking shape in and around the Arts District. The two biggest in the area being the North Hollywood station, which would be developed over 15-plus acres, and the other being NoHo West, where the Laurel Plaza shopping center once stood.
Major landing points for the area come around both the Red and Orange line of the the Metro. Residents in the area have more accessibility in and out of the area by way of public transit, and the ever-increasing density has the area in a rapid path of construction. Multifamily projects coming out of the ground are a boon for the area, and with businesses finding new digs in the Valley, job growth is leading to an uptick in housing demand. Retail and office that caters to the locals is also seeing a spike in growth.
We were able to put this deal together off-market to a sophisticated builder who knows the area well and will look to bring these units online in the next 12 months after coming out of the ground. Selling land is one of my specialties and I'm able to find deals and put them in the right hands often. I am looking forward to seeing this project raise and be completed in the near future. Call me if you're in the marketplace as either a builder/developer or principal looking for deals!
Details of transaction:
5555 Bonner Ave - North Hollywood
Sold Price: $3,250,000 off-market
Number of Proposed Units: 31
Price per unit: $104,839