Closing Announcement: New Construction 128 Units in South LA

Closing Announcement: New Construction 128 Units in South LA for $49,500,000?

Sale Details:

Price: $49,500,000

Price/Unit: $386,719

Price/SF: $659.08

Year Built: 2022

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Transaction Overview:

The Liberow Group is pleased to announce the sale of 1654 W. Florence Ave, a new construction apartment building located in South Los Angeles.

In 2020, Sam Liberow was fortunate to represent the housing authority of Los Angeles on 17 transactions dedicated to low-income and affordable housing. To this day, the Liberow Group continues to work with the housing authority in an effort to contribute and help alleviate the growing homelessness in Southern California.

When the city consulted with us about their need for properties in South L.A, we were committed to approaching several developers in the area in hopes of finding the right fit. 1654 W. Florence Ave is an apartment building consisting of 128 units, all being 1 bedroom/1 bath, which happened to be the perfect match.

After multiple conversations with the seller, we were able to work out and negotiate an agreement during the late stages of construction and ended up closing escrow as soon as the certificate of occupancy was delivered.

The Liberow Group worked diligently to facilitate a smooth transaction for both parties and is proud to announce the closing of this off-market transaction at $49.5 million.

We are honored to be working with the housing authority to help improve the homeless situation throughout Southern California and will continue to strive for our client’s best interest.?