CBRE Announces $24 Million Sale of a 1.73-Acre Multifamily Development Site in Los Angeles

CBRE has announced the sale of a 1.73-acre multifamily development site at 9700-9740 W. Pico Blvd in Los Angeles, California. Pico BWB LLC acquired the property for $24 million. CBRE’s Melinda Russell and Josh Samuels represented both the buyer and the seller in the transaction.

“This coveted West L.A. site represents a once-in-a-generation opportunity to develop over 200 units in a prime Beverlywood location,” said Russell. “We ran a highly targeted, confidential marketing process that generated 11 offers in just 45 days. Through strategic outreach and deep market knowledge, we were able to secure the best possible outcome for both the buyer and the seller.”

The site is positioned within walking distance of Century City and adjacent to Beverly Hills, offering future residents access to premier retail, dining, and employment hubs in one of the most desirable neighborhoods in Los Angeles.

According to CBRE research, Los Angeles’ multifamily market fundamentals are continuing to strengthen, closing Q1 2025 with a 95.4% occupancy rate. This high-profile transaction underscores the urgent need for new housing supply in West L.A., where demand remains strong and opportunities for large-scale development are increasingly rare.