Matthews Real Estate Investment Services completed the $8,000,000 sale of 7220 Maie Ave. in Los Angeles. The property, which housed Florence Hand Car Wash at the time of sale, was sold as a redevelopment opportunity zoned for mixed-use. Senior associate Ethan Miller and VP & director Simon Assaf represented the seller.
The investment was sold by a private investor looking to take advantage of the property’s zoning and sell it to an experienced developer. The buyer was experienced multifamily developer Meta Housing.
“Meta plans to redevelop the car wash and land into a six-story building featuring 160 multifamily units, ground-floor retail, and office space,” Miller said. “Amenities are going to be top-notch, with plans to provide community gathering spaces and rooftop views.”
The development project, currently named The Metro @ Florence, will reserve the apartments for households earning between 30% and 60% of the area’s median income. The investment into affordable housing helped Meta Housing secure California state grants and government funding.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).