Global plans to build approximately 350 units, beginning construction toward the end of 2003 and finishing sometime in 2005, says broker David Casper of Grubb & Ellis. Casper and partner Michael Shustak represented the seller of the land, while David Louie of CB Richard Ellis represented the buyer.

Casper says many prospective buyers passed on buying the land because they considered the parcel "undesirable." He tells GlobeSt.com that builders of market-rate apartments, for example, rejected the site because they didn't think the configuration of the land parcel and certain other factors, like its proximity to planned L.A. Unified School District sports playing fields.

"There was also a fear that the land had toxic issues, but it turned out to be clean," Casper tells GlobeSt.com.Casper says the buyer will build the apartments using federal tax credit financing and/or low-interest loans available through the state of California for such projects. Both methods provide low-cost financing that enables developers to build projects that pencil-out at lower rents than market-rate construction.