A development site in Hyde Park, located at 2160-2172 W. Florence Ave, was recently sold for a price of $1,470,000. The property spans 13,800 square feet, resulting in a price per square foot of $106.52. This transaction marks the highest price per square foot sold on Florence Avenue this year. The site is strategically positioned just 1 mile away from the new Crenshaw Metro Line and 2.5 miles from the highly-anticipated Rams Inglewood Stadium. The sale was conducted off-market and the seller was represented by Derrick J. Smith from @liveluxuryla. The buyer in this transaction is Amparo Senior Apartments.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $1,470,000
• Address: 2160-2172 W. Florence Ave
• Market: Hyde Park

One notable aspect of this deal is the involvement of Derrick J. Smith from @liveluxuryla as the seller's representative. This demonstrates the importance of having experienced brokers in facilitating successful transactions. The new senior apartments to be developed on the site will provide valuable housing options for the community, particularly for individuals aged 55 and above.