For this ground up speculative luxury home development, we have partnered with Gary Lane of Lane Design Build with 30 years of single family residential development experience primarily focused on the high-end South Bay beach communities of Manhattan Beach, Hermosa Beach & South Redondo Beach. The lot which we are redeveloping is approximately 7 blocks from the beach and is located on one of the most prized tree-lined streets in the highly desirable beach community of South Redondo Beach
The property was acquired in an off-market transaction on December 23, 2014 for $1,003,000 and consisted of a 1,174 square foot house built in 1948, on a 6,278 square foot lot. We developed a two story, 5 bedroom and 6 bathroom 4,055 square foot coastal plantation single-family residence, with surround views from the second story and a spacious roof-top deck with stunning panoramic ocean views.
This property was sold on June 8, 2016 for $2,632,500, resulting in a total return to our investors of 30%.
