Michael Clinton Purchases Development Site At 5820 Lexington Avenue From Paul Schon And Kerolos Zaki For $4.65M

This development site located at 5820 Lexington Avenue in Los Angeles was sold for $4,650,000. The project consists of 97 total units, and the price per buildable unit is $47,938. It is fully entitled for a 100% affordable project, designed by Jeff Zbikowski Architecture, and is strategically situated near the historic Hollywood Forever Cemetery.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,650,000
• Buyer: Michael Clinton
• Seller: Paul Schon & Kerolos Zaki
• Broker: Ben Lee – The Ben Lee Group
• Architect: Jeff Zbikowski
• Market: Los Angeles
• Price per Buildable Unit: $47,938
• Units: 97

The Ben Lee Group facilitated this transaction, marking only the third RTI ED1 sale of 2025 and the largest entitled ED1 project to be traded this year. In this deal, the seller successfully exited their investment, while the buyer aims to provide essential affordable housing in the Hollywood submarket.