Marcus & Millichap Sells REO Portfolio Of 4 Well-Located SFR Development Sites In Los Angeles For $9.45M

The sale of a development site in Los Angeles has recently taken place. The property is located at 15625 High Knoll Rd, 11411 Ayrshire Rd, 2850 Delaware Ave, and 3515 Ocean View Ave. The transaction was facilitated by brokers Glen Scher, Filip Niculete, and Lonnie McDermott of Marcus & Millichap. The sale price for the property was $9,450,000 with a building square footage of 65,790. The price per square foot was approximately $143.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $9,450,000
• Address: 15625 High Knoll Rd, 11411 Ayrshire Rd, 2850 Delaware Ave, 3515 Ocean View Ave
• Market: Los Angeles
• Brokers: Glen Scher, Filip Niculete, and Lonnie McDermott - Marcus & Millichap

This sale involved a portfolio of four well-located single-family residential (SFR) development sites. The properties were listed and sold on behalf of a major bank, as the original owner had filed for bankruptcy in 2019 before completing the construction of these houses. Three out of the four homes were sold while still mid-construction.