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180-Unit MXU Development Site Sold in SFV
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FMB Development, LLC acquired a 1.2-acre lot in the San Fernando Valley that is entitled for a 180-unit mixed-use development. The parcel at 7111 North Sepulveda Blvd. in Van Nuys was sold by Blue Arch Investments, Inc. for $9.5 million.
The site, near the intersection of Sherman Way, is planned for a six-story building. It will include studio, one-and two-bedroom units, as well as 4,750-square-feet of retail space.
Reuben Realty’s Reuben Benhaghnazar represented the buyer, a local developer. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the seller.
“Demand for residential units, especially in areas that are aiming to be or become vibrant live-work-play neighborhoods, is very much prevalent in Los Angeles, a region in great need of more housing” said Lustig-Bower. “This entitled mixed-use site sits in a dense, infill market, and the dirt sold for more than $50,000 per unit.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
- ◦Sale/Acquisition




