10727 S Central Ave, Los Angeles

the successful close of escrow on 10727 S Central Avenue, a ED-1 affordable development site situated on a 8,798 SF corner parcel with rear alley access in South LA. Although we were able to ultimately reach a smooth closing, the transaction did not come without its challenges that required collaboration and creativity to push it past the finish line.

An active broker and part owner of this property reached out to us to let us know that they will be bringing this property to market. We’ve successfully closed a few deals with him in the past and he knew that we are active in this space. As we dug in, we quickly identified the site as an ideal one for an ED-1 development, and being one of the few teams in town that are actively brokering deals of this nature, we were able to immediately find the ideal Buyer, who opened escrow at full price right away.

As escrow carried on, hurdles began to present themselves regarding soil contamination and delays with the purchasing partnership. The delays were especially pertinent, and jeopardized the deal due to the fact that the Seller was planning to use the funds from this closing to fund another real estate endeavor he was committed to. In collaboration with all parties involved, we were able to negotiate a mutually beneficial solution. We negotiated an increased deposit that was passed through to the Seller, demonstrating the Buyer's commitment to seeing this transaction through to its conclusion. Furthermore, a daily per diem was established, which provided the Seller with the flexibility needed to execute on his other transaction in the pipeline, ensuring a smooth transition into their next investment endeavor.

We as brokers understand the importance of flexibility and adaptability in the ever-evolving real estate market, and this outcome exemplifies our dedication to serving our clients' best interests. We are excited and grateful to report on yet another successful close of escrow made possible by our real estate savvy and commitment to achieving favorable results for our clients.

If you are interested in other development deals, especially affordable development, please reach out.