100-Unit West LA Development
SOLD: $3,920,000 PRICE PER SQUARE FOOT/LAND: $254
The Saghian Group is pleased to announce the successful sale of 1463–1467 Wellesley Avenue, a prime multifamily development opportunity located in the heart of West Los Angeles. The property sold for $3,920,000, reflecting $254 per square foot of land and $39,200 per proposed buildable unit. Representing the buyer, The Saghian Group successfully negotiated and closed the transaction in just 45 days, with no buyer credits or purchase price reductions.
Situated on a double lot totaling approximately 15,424 square feet, the property was delivered 100% vacant, providing the buyer with immediate flexibility to pursue redevelopment plans and permitting. The buyer, PASSO, one of West Los Angeles' most active multifamily developers, intends to develop approximately 100 units of veteran housing, contributing to the growing need for affordable housing in the area.
Ideally positioned in one of Los Angeles' most desirable and supply-constrained submarkets, the property offers convenient access to Santa Monica, Brentwood, UCLA, and major employment and entertainment corridors throughout the Westside. The combination of its substantial lot size, vacant delivery, and development potential makes this a significant acquisition in the West Los Angeles multifamily market.
This transaction further demonstrates The Saghian Group's expertise in identifying and executing high-value multifamily and development opportunities throughout Los Angeles.
Investment Highlights
Successfully Sold for $3,920,000 – Represented the buyer in the acquisition of a prime multifamily development opportunity in West Los Angeles.
Attractive Development Metrics – Sold for $254 per square foot of land and $39,200 per proposed buildable unit.
Exceptional Development Potential – Double lot totaling approximately 15,424 square feet with plans to develop approximately 100 units of veteran housing.
100% Vacant Delivery – Property delivered fully vacant, allowing the buyer to immediately pursue development plans and permitting.
Efficient 45-Day Closing – Successfully closed escrow in just 45 days with no buyer credits or purchase price reductions.
Experienced Multifamily Developer – Acquired by PASSO, an active West Los Angeles multifamily developer specializing in affordable housing.
Prime West Los Angeles Location – Ideally situated near Santa Monica, Brentwood, UCLA, and major Westside employment centers.
Affordable Housing Development – Planned redevelopment will help address the growing demand for veteran and affordable housing in Los Angeles.
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com