Updated Jan 23, 2025
Lennar Purchases Development Site From Margaret Kott For 315-Unit Townhome Community In Carson
21126 Avalon Boulevard
$50,500,000
Units
315
Asset Type
Development Site
Closing
Dec 17, 2024
About this deal
AI
The property asset involved in the transaction is a 14-acre development site located at 21126 Avalon Boulevard in Carson. The site is currently designated for redevelopment from its original use as a car dealership into a new residential project comprising 315 townhome units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Buyer: Lennar
- Seller: Margaret Kott
- Brokers: Sal Provenza & Curt Crandall - WD Land
The brokers representing the transaction are Sal Provenza and Curt Crandall of WD Land, facilitating the deal between Lennar and the seller, Margaret Kott. The redevelopment plan aims to create a vibrant townhome community contributing to local housing needs.
Carson Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93