Lennar Purchases Development Site From Margaret Kott For 315-Unit Townhome Community In Carson
SOLD
$50,500,000
California
See Similar DealsDevelopment Site
Sold 12/17/2024
SOLD
Lennar Purchases Development Site From Margaret Kott For 315-Unit Townhome Community In Carson
21126 Avalon Boulevard
See Similar DealsDevelopment Site
Sold 12/17/2024
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,693,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$179,415.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$239,395.76
Annual Debt Service$2,872,749.17
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