(Read more on the multifamily market.)
LOS ANGELES-AvalonBay Communities Inc. has acquired adevelopment site of approximately 1.7-acres at the southwest cornerof Second and Los Angeles streets in Little Tokyo that is entitledfor a 175-unit multifamily project called Matsu. Michael Murphy ofthe Costa Mesa office of Chicago-based Moran & Co., whichbrokered the sale, tells GlobeSt.com that the property attractedstrong interest from prospective buyers because of its location,in-place entitlements and other factors that made it appealing bothto for-sale developers and to apartment investors.
"The entitlements were a big factor," Murphy comments. "With theentitlements in place, this was a property that an investor ordeveloper could just plug into their development pipeline rightaway."
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