CBRE Arranges $4.9 Million Sale of Century City Multifamily Development Site

CBRE has arranged the $4.9 million sale of a 8,450-square-foot multifamily development site in the Century City submarket of West Los Angeles to 416 Development Group, LLC which will utilize Fox Hills Development Group, LLC as the development entity.

Laurie Lustig-Bower and Kamran Paydar with CBRE’s Los Angeles Multifamily Investment Sales represented the seller, 1814 Fox Hill Drive, LLC – a Los Angeles-based private investor - in the transaction.

The site is located on the Northeast corner of Missouri Avenue and Fox Hills Drive at 10285 W. Missouri and 1814-1824 Fox Hills Drive. The Buyer is planning to build a 20-unit apartment building.

“The site’s proximity to premier retail amenities and the Century City business district provides an ideal live-work-play environment,” said CBRE’s Lustig-Bower.

“Missouri-Fox Hills is a rare opportunity to acquire an infill development site in one of Los Angeles’ top residential and business locations,” added CBRE’s Paydar.

The property is one block from Westfield Century City, an open-air retail destination with over 200 shops and restaurant, and within walking distance of Century City, the central business district for West Los Angeles. In addition, it is in proximity to Beverly Hills, Los Angeles Country Club and a variety of employment centers, dining, shopping, and entertainment venues.