For our next ground up speculative luxury home development, we have partnered again with Gary Lane of Lane Design Build. The lot that we are redeveloping is on the much sought after “Avenues” in South Redondo Beach.
This property was acquired in an off-market transaction on May 6, 2015 for $990,000 and consisted of a 1,592 square foot house built in 1951, on an over-sized 7,599 square foot lot. We developed a two story, 5 bedroom and 4 bathroom 4,358 square foot coastal plantation single-family residence.
This property was sold on November 23, 2016 for $2,775,000, resulting in a total return to our investors of 28%.
