Updated Sep 2, 2026
SOLDDevelopment Site
Sabin Burrell And Daniel Glimcher Of Passo Acquire Development Site In Los Angeles For $3.9M
1467 Wellesley Avenue
$3,900,000
Building Size
—
Asset Type
Development Site
Closing
Aug 29, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 1463-1467 Wellesley Avenue, Los Angeles, CA. The sale was completed for a total amount of $3,900,000. The site spans 15,400 square feet, with a price per square foot of $253.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,900,000
- Buyer: Sabin Burrell & Daniel Glimcher
- Buyer’s Representation: Passo
- Seller: Bo Zarnegin
- Broker Representation: Janet Neman & Angelica Gotzev - Kidder Mathews
- BSF: 15,400
- PPBSF: $253
The key individuals involved in the deal include Sabin Burrell and Daniel Glimcher, who are associated with Passo, the affordable housing developer. The acquisition comprises three vacant homes and is set to contribute to Passo’s pipeline of over 250 affordable units across four West Los Angeles projects amidst a challenging multifamily construction environment shaped by rising financing and construction costs.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.07%
Cash-on-Cash
-1.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93