Lee & Associates-LA North/Ventura Transacts Entitled Multifamily Land Sale for $116,000 Per Unit
Developer to build 18 units of townhomes
AGOURA HILLS, CA – June 10, 2014 – A land parcel entitled for 18 apartments has sold to a Westlake Village, CA-based developer for $116,000 per unit, according to John Battle SIOR, a principal of Lee & Associates-LA North/Ventura, who represented the buyer and seller with Lee Associate Matt Benwitt.
The parcel, totaling 42,985 square feet, or just under 1 acre, is located at Palo Comado Canyon Road and Chesebro Road, between the Ventura (101) Freeway and Agoura Road in Agoura Hills. It attracted eight offers and sold for $2,100,000.
“Already entitled land parcels are rarely available in the Conejo Valley, and the time, effort and expense involved in getting entitlements heightens their value,” said Battle. “The demand we saw and the pricing we achieved reflects these dynamics.”
It had taken the seller, an owner and operator of high quality car washes, about nine years to receive entitlements from the city of Agoura Hills. The company decided to divest the parcel instead of developing it in order to focus on its core business.
The buyer, Raven Ridge Development, plans to construct two-story townhouse units with enclosed 2-car garages. The project, which will be built to condominium specifications for possible conversion in the future, will include 17 3-bedroom, 2 bath units and 1 2 bedroom, 2 bath unit.
The company expects to begin the permitting process in the next 30 days and construction is slated to begin in late Summer, early Fall.
Raven Ridge Development, a veteran development company specializing in multifamily, mixed use, retail, office and industrial properties in Southern California and elsewhere along the Western Pacific region, is currently developing The Cannery, a 78-unit apartment community in Ventura, CA, and an 8-unit mixed-use project in Ojai, CA.