Pico BWB LLC Acquires Multifamily Development Site In Los Angeles For $24M With CBRE Representation

Pico BWB LLC acquired a 1.73-acre multifamily development site located at 9700-9740 West Pico Boulevard in Los Angeles. The transaction was completed for $24,000,000 in a market characterized by strong demand for multifamily units. The site allows for the development of over 200 residential units, responding to the robust occupancy rate of 95.4% in West L.A.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $24,000,000
• Address: 9700-9740 West Pico Boulevard
• Market: Los Angeles
• Acres: 1.73
• Buyer: Pico BWB LLC
• Broker: Melinda Russell & Joshua Samuels - CBRE

This transaction sees Melinda Russell and Joshua Samuels representing CBRE as the brokers involved in the deal. The property drew a competitive interest with 11 offers received within a 45-day period, reflecting the attractive nature of the West L.A. multifamily market.