For this ground up speculative luxury 3-unit townhome development, we partnered once again with Gary Lane of Lane Design Build. We acquired two adjacent homes via separate off-market transactions on July 31, 2015, for $1,835,000, with a combined lot square footage of 5,532 square feet. The size of the combined lot allowed us to develop three detached townhomes totaling approximately 7,095 square feet, with open reverse floor plans. These modern coastal plantation townhomes featured 3 bedrooms and 4 bathrooms, with surround views from the 3rd story as well as a rooftop deck with panoramic and ocean views. The Property is approximately 4 blocks from the beach and within easy walking distance to Downtown Hermosa Beach and local parks.
All three units sold by early 2019 for $2,215,000 – $2,525,000, or a cumulative value of $6,995,000 and generated a total return for our investors of over 50%.
