AGOURA HILLS, CA—A one-acre plot of entitled land has traded in hands in a sale that drew major attention from developers. After receiving eight competitive offers, developer Raven Ridge Development won the bid, and plans to develop 18 townhomes on the parcel.

“There is very low land available in that area for multifamily sales, and the entitlement process in Agora Hills, CA, is very lengthy and expensive,” John Battle, SIOR, a principal at Lee & Associates who represented the buyer and seller in the transaction, tells GlobeSt.com. “The barriers-to-entry for any new product are very high. So, when there is a site that is already entitled and ready for permits, it is very attractive to developers.” Battle was joined in representing both parties by Lee & Associate’s Matt Benwitt.

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