Updated Oct 26, 2026
Terry & Tobias Harris Purchase Development Site In Los Angeles For $2.7M
1532 West Court Street & 1552 West Court Street
$2,700,000
Units
189
Asset Type
Development Site
Closing
May 29, 2024
About this deal
AI
The property asset involved in this transaction is a development site located at 1532-1552 West Court Street in Los Angeles. The sale price of the property was $2,700,000. Plans for the site include a 189-unit affordable housing project, with a land loan acquisition amounting to a 70% loan-to-value ratio and an interest rate of 8.00%.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,700,000
- Buyer: Terry Harris & Tobias Harris
- Brokers: Luc Hawkshaw, Eric Mandell, Chris Kim & Rick Ramirez - Ally Commercial Real Estate; Chase Calderon & Bryan Shaffer - Slatt Capital; Andrew Sawyer - Piccard Financial
The key individuals in this transaction include the buyers, Terry Harris and Tobias Harris, as well as the brokers from various agencies representing them. The brokers worked collaboratively in facilitating the deal, ensuring that the acquisition process ran smoothly.
On the Map
$2,700,000
Development Site
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Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.88%
Cash-on-Cash
-1.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93