LOS ANGELES, CA-One of the last undeveloped parcels of land in Century City will soon see ten 5,000-square-foot homes built on it.

California Landmark Group used an affiliate to acquire the 70,000-square-foot lot from a neighboring homeowners association. It also purchased JMB Realty Corporation's option to build homes on the site. The total cost of acquisition was $13 million, made with 60% cash and 40% short-term seller carry back financing.

The lot sits at the corner of Century Park West and Solar Way in Century City, which is an area on L.A.'s west side known for its many high rise office buildings and hotels. The development will be known as “the Enclave at Century Woods.”

HFF senior managing director Michael Ross, director Andrew Harper and senior managing director Richard Plummer represented both buyer and seller in this transaction.

Construction is expected to begin in the next several months, with an anticipated completion by the end of 2014. CLG plans to build a new perimeter wall that will incorporate the new residences into the Century Woods gated community. The homes will be oriented toward a central courtyard, and the perimeter will be planted in order to buffer the parcel from the street and neighboring structures.

Ken Kahan, president of CLG, tells GlobeSt.com that obtaining the land was an extremely complicated transaction because of the need to coordinate the various parts of the deal. “Further complicating the transaction was the involvement of four different law firms,” he says. Kahan calls the land a “hidden gem in the heart of Century City.”

CLG previously built four single-family homes in the community in 2002. At the time, they were considered to be the final four single-family homes in the community. Kahan says the Enclave homes will sell for “approximately $1,000 per square foot. Like other Century City residences, the new homes will have private elevators and attractive courtyards. The subterranean garages will be unique.”

Century Woods is one of the few gated communities on L.A.'s west side. It includes 48 condominiums as well as 32 homes that range from 4,000 to 8,000-square-feet. Amenities include 24-hour secure entry, a tennis court, indoor and outdoor pools, a fitness center and a clubhouse.   

California Landmark was founded in 1988 and acquires, rehabilitates and develops real estate throughout Southern California. The firm is based in Westwood.

As previously reported in GlobeSt.com, California Landmark Group said last year that it planned to invest $75 million in urban infill multifamily development properties throughout Southern California.