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Chinese Buyers Fight for Condo Deals

LOS ANGELES—A Chinese buyer beats out domestic developers for a land site in Warner Center entitled for 274 residential units.

Los Angeles The property is located in a Los Angeles submarket near Warner Center.

LOS ANGELES—Chinese developer BCEGI International Co. has acquired a land site at 6041 Variel Avenue in the Warner Center area. The Chinese investor beat out a handful of other buyers for the property, which is already entitled for 274 residential units. The area, a former industrial market, has seen tremendous growth and significant apartment development recently.

“We were not specifically targeting a buyer in Asia, but we did market the property globally and we did have offers domestically,” Laurie Lustig-Bower, EVP at CBRE, tells GlobeSt.com. “It just worked out that the buyer we chose was from Asia. People liked the walkability of the market, and there are other developers in the market as well. That really speaks to how good the location is when you have an institutional developer building next to you.” Lustig-Bower represented the seller, Selective Real Estate Investments, in the deal along with Kamran Paydar.

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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