TPG Inc. Acquires Playa Del Rey Multifamily Development From Sandstone Properties For $29.9M

The property involved in this transaction is a development site located at 6733 South Sepulveda Boulevard in Los Angeles. The site covers an area of 2.3 acres.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $29,900,000
• Market: Los Angeles

Private equity firm TPG Inc., represented by Jim Coulter, has acquired the property from Sandstone Properties, represented by Eri Kroh. The transaction was a result of TPG foreclosing on a multifamily development near Playa del Rey owned by Sandstone Properties due to a loan default. The property was meant for the development of a 176-unit complex known as Silicon Beach Live.