DEVELOPMENT OPPORTUNITY. Multifamily 4603 Denny Avenue, Toluca Lake, CA 91602

Transcription

1 DEVELOPMENT OPPORTUNITY Multifamily 4603 Denny Avenue, Toluca Lake, CA Cory Stehr Lee & Associates - LA North/Ventura cstehr@lee-re.com BRE Lic # CORP ID #

2 TABLE OF CONTENTS EXECUTIVE SUMMARY... 3 PROPERTY DESCRIPTION... 5 SALE COMPARABLES LOCATION OVERVIEW ZONING SUMMARY ABOUT LEE Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

3 EXECUTIVE SUMMARY 3

4 EXECUTIVE SUMMARY 4 The Offering Lee & Associates is pleased to present a well-located triplex in Toluca Lake, CA with future redevelopment potential. Zoned RD 1.5 the subject property allows a developer the flexibility to develop either rental or for sale housing. The local submarket of Toluca Lake is bolstered by a strong employment base of media jobs from major film and television studios such as NBC Universal, Warner Bros, and Disney Studios. The site is near Property Overview Purchase Price: $1,600,000 ($522/SF Bldg.) ($170/SF Land) Address: 4603 Denny Avenue, North Hollywood, CA APN: Lot Size: 9,371 SF Key Investment Features Average Household Income of $92K within 1 Mile Radius Supply Constrained Market with Only 3.7% Vacancy Rate Zoning allows for Variety of Residental Uses Ability to Renovate Existing Units to Generate Cash Flow 1 Information from Zillow 2 E-site Analytics most major freeways as well as public transportation (Tier 1 TOC Guidelines). Home prices in and around Toluca Lake have continually risen with a median home value of $891,500 and an average list price of $569 per square foot 1. Supply constraints have led to a historically low vacancy rate while 74% of the market is renters Denny presents investors and developers a rare opportunity to capitalize on such strong market fundamentals. Product Type: Multifamily/Development Building Size: 3,061 SF Built: 1948 Zoning: RD1.5-1 Key Area Highlights Central Location with Convenient Access to the 101, 134 and 170 Freeways Less than 1 Mile from Universal City Metro Redline Station Strong Employment foundamentals - NBC Universal, Warner Bros, and Disney Studios within 2 Miles Radius Amenity Rich Neighborhood with many Restaurants and Shops Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

5 PROPERTY DESCRIPTION 5

6 PROPERTY DESCRIPTION Aerial View 6 Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

7 PROPERTY DESCRIPTION Parcel Map Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 7

8 PROPERTY DESCRIPTION Location Map 8 Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

9 PROPERTY DESCRIPTION Property Address: 4603 Denny Avenue toluca Lake, CA Location: APN: Zoning: The subject property is located on Denny Avenue in Toluca Lake, California between Hortense Street to the north and Sarah Street to the south. Riverton Avenue is west and Cartwright Avenue is east. RD1.5-1 Property Highlights/Features Large Corner Lot Strong Demographics and Household Incomes Zoning Allows for a Variety of Residential Uses Central Location Close to Major Bus Routes, 101, 134 & 170 Metro Freeways, and Universal city Red Line Amenity Rich Neighborhood with Many Shops and Restaurants Numerous Public and Private Schools Nearby Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 9

10 SALE COMPARABLES 10

11 MARKET OVERVIEW Sale Comparables ADDRESS CITY COE BUILDING AREA (SF) PRICE BUILDING PRICE PSF 5803 Cartwright Avenue Noth Hollywood 03/20/2018 1,665 $925,000 $ Willowcrest Avenue North Hollywood 02/02/2018 1,800 $1,060,000 $ Morrison Street North Hollywood 09/29/2017 1,708 $1,060,000 $ Camarillo Street North Hollywood 02/13/2018 4,722 $1,440,000 $ Hartsook Street North Hollywood 11/08/2017 2,518 $1,180,000 $ Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 11

12 LOCATION OVERVIEW 12

13 LOCATION OVERVIEW Amenities Aerial Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 13

14 LOCATION OVERVIEW Toluca Lake Tucked in between Burbank and Studio City in the city of Los Angeles, Toluca Lake has long been a favorite of celebrities who choose it for its location close to the major studios, its quaint, tree-lined Mayberry-esque streets and the privacy offered to those who live along the lake itself where the priciest homes are located. Through the years this community of 8,563 has been home to Frank Sinatra, Bob Hope, Miley Cyrus, Viola Davis, Steve Carell, Eurythmics musician Dave Stewart and numerous production executives who work at nearby Disney, Warner Bros., Universal and CBS studios. The general population is largely college educated and affluent, accounting for a median home price of $1.073 million. And while the median age skews older, Toluca Lake was recently ranked 13 out of 114 Best Places to Live for Millennials in the Los Angeles area, according to Niche. Toluca Lake also boasts some of the best public schools in the area, including Toluca Lake Elementary, R.L. Stevenson Elementary and Rio Vista Elementary, all top scoring Academic Performance Index schools. The community s main street, Riverside Drive, is home to numerous trendy restaurants and boutiques including SweetSalt from 2010 Top Chef alum Alex Eusebio and his wife, Forman Tavern, craft cocktail bar Catcher in the Rye; and Aeirloom, an organic bakery. The immediate Lake area is protected by electric gates and multiple security cameras and guards. It contains just 35 homes with lake privileges, a golf course and a country club. The iconic Bob s Big Boy hosts a classic car show weekly and the neighborhood holds a huge Christmas Parade each year. 14 Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

15 LOCATION OVERVIEW Toluca Lake New Development All this revitalization has attracted even more development. Laurel Plaza, a traditional shopping center that dates back to the 1960s, is undergoing a major redevelopment. The 25-acre site under development by Goldstein Planting Investments will feature 742 residential units, 500,000 square feet of office space and 190,000 square feet of commercial space. A new boutique hotel, Ikon North Hollywood at Tujunga Avenue and Weddington Street, will offer 43 guest rooms and gallery space for local artists when it opens later this year. The Academy of Television Arts & Sciences, a centerpiece of the NoHo Arts District, recently completed a $40 million expansion, and a proposal submitted by Greenland USA and Trammel Crow Company seeks to redevelop a 16-acre parcel that surrounds the North Hollywood Metro Station. Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 15

16 LOCATION OVERVIEW Toluca Lake 16 NBCUniversal Also in the works is a new childcare facility, an expanded fire station and sheriff s substation and a trail head park and bike path along the Los Angeles River. A complex of 10 new soundstages is under construction on the backlot s Park Lake. The soundstages will each range from 16,000 18,000 square feet with adjacent offices, dressing rooms, rehearsal halls and parking. Thirteen existing stages on the front lot will be removed to make way for the theme park expansion. Although fewer new production facilities will be constructed, they will be larger in size, adding about 11,000 square feet for production. Universal Studios has implemented a new five-year plan that will result in more production soundstage square footage and expand its theme park. Some aspects of the plan have already been completed. The company invested $1 billion in the lot and theme park to include the recently opened The Wizarding World of Harry Potter along with infrastructure upgrades and a bridge over Lankershim Boulevard to connect visitors arriving by Metro with the park. Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

17 LOCATION OVERVIEW Demographics Overview map showing the requested trade area(s) around My Site, 4603 Denny Ave, North Hollywood, CA, 91602: Copyright TomTom. All rights reserved. This material is proprietary and the subject of copyright protection, database right protection and other intellectual property rights owned by TomTom or its suppliers. The use of this material is subject to the terms of a license agreement. Any unauthorized copying or disclosure of this material will lead to criminal and civil liabilities. Trade Areas (in miles) - 1 Trade Areas (in miles) - 3 Trade Areas (in miles) Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 1 of : 1 mile(s) 3 mile(s) 5 mile(s) 2017A Demographics: Q Employees 12, , ,558 Q Establishments* 2,211 12,686 35,760 Total Population 41, , ,255 Total Households 21,544 94, ,124 Female Population 20, , ,231 % Female 49.7% 50.1% 49.4% Male Population 20, , ,024 % Male 50.3% 49.9% 50.6% Population Density (per Sq. Mi.) 13, , , Employed Civilian Population 16+ Total 25, , ,667 White Collar 75.9% 71.6% 68.5% Blue Collar 24.1% 28.4% 31.5% Seasonal Population by Quarter: Q ,973 5,000 Q ,000 5,134 Q ,119 5,456 Q ,270 5,921 Q ,337 6,081 Q ,375 6,235 Q ,486 6,491 Q ,224 5,672 Q ,246 5,717 Age: Age % 5.2% 5.0% Age % 9.2% 8.8% Age % 4.4% 4.5% Age % 6.1% 6.5% Age % 19.1% 19.6% Age % 16.7% 16.3% Age % 14.9% 14.5% Age % 11.9% 11.7% 2018 Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 2 of 16 Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 17

18 LOCATION OVERVIEW Demographics 1 mile(s) 3 mile(s) 5 mile(s) Age % 7.1% 7.2% Age % 3.4% 3.8% Age % 2.0% 2.1% Median Age Housing Units Total Housing Units 22,367 97, ,684 Occupied Housing Units 96.3% 97.1% 97.0% Vacant Housing Units 3.7% 2.9% 3.0% Housing Units by Tenure Total Households in Tenure 21,544 94, ,124 Owner Occupied Housing Units 4,446 34,055 88,111 Owner Occupied free and clear 19.6% 22.2% 22.6% Owner Occupied with a mortgage or loan 80.4% 77.8% 77.4% Renter Occupied Housing Units 17,098 60, ,014 Race and Ethnicity American Indian, Eskimo, Aleut 0.5% 0.5% 0.5% Asian 9.3% 8.0% 8.3% Black 7.9% 4.7% 4.0% Hawaiian/Pacific Islander 0.1% 0.1% 0.1% White 68.3% 69.1% 68.3% Other 8.2% 12.5% 13.8% Multi-Race 5.8% 5.1% 5.0% Hispanic Ethnicity 22.2% 30.7% 32.3% Not of Hispanic Ethnicity 77.8% 69.3% 67.7% Race of Hispanics Hispanics 9,134 65, ,762 American Indian 1.1% 1.0% 1.0% Asian 0.9% 0.5% 0.5% Black 1.9% 1.0% 0.9% Hawaiian/Pacific Islander 0.1% 0.1% 0.1% White 52.6% 50.9% 49.4% Other 35.2% 39.7% 41.9% Multi-Race 8.3% 6.8% 6.2% Race of Non Hispanics Non Hispanics 31, , ,493 American Indian 0.3% 0.3% 0.3% 1 mile(s) 3 mile(s) 5 mile(s) Asian 11.7% 11.3% 12.1% Black 9.6% 6.3% 5.4% Hawaiian/Pacific Islander 0.1% 0.1% 0.1% White 72.8% 77.1% 77.3% Other 0.5% 0.5% 0.5% Multi-Race 5.1% 4.4% 4.3% Marital Status: Age 15 + Population 36, , ,214 Divorced 10.5% 11.0% 9.8% Never Married 52.3% 43.1% 45.6% Now Married 33.8% 41.4% 39.8% Now Married - Separated 2.4% 2.7% 2.4% Widowed 3.4% 4.5% 4.8% Educational Attainment: Total Population Age , , ,143 Grade K % 4.7% 6.2% Grade % 5.3% 5.9% High School Graduate 13.7% 16.2% 16.7% Associates Degree 6.8% 7.2% 7.0% Bachelor's Degree 37.9% 30.1% 29.2% Graduate Degree 12.1% 13.4% 12.8% Some College, No Degree 22.7% 22.1% 20.4% No Schooling Completed 0.6% 1.1% 1.9% Household Income: Income $ 0 - $9, % 5.7% 6.7% Income $ 10,000 - $14, % 4.8% 6.0% Income $ 15,000 - $24, % 8.7% 10.0% Income $ 25,000 - $34, % 8.4% 8.6% Income $ 35,000 - $49, % 11.8% 12.1% Income $ 50,000 - $74, % 17.7% 16.7% Income $ 75,000 - $99, % 12.6% 11.6% Income $100,000 - $124, % 8.7% 8.3% Income $125,000 - $149, % 5.6% 5.1% Income $150, % 16.1% 15.0% Average Household Income $92,345 $101,791 $97,214 Median Household Income $62,075 $64,055 $59,075 Per Capita Income $48,420 $45,117 $42, Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 3 of Alteryx, Inc. All rights reserved. Alteryx is a registered trademark of Alteryx, Inc. esite Analytics, Inc. - info@esiteanalytics.com (843) Page 4 of Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

19 ZONING SUMMARY 19

20 ZONING SUMMARY Zimas 20 Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

21 ZONING SUMMARY Summary of Zoning Regulations Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 21

22 ABOUT LEE 22

23 ABOUT LEE Recent Representative Lee & AssociatesTransactions NoHo Commons Retail Center 5300 Lankershim Blvd North Hollywood, CA Retail Center Sale Status: Completed Size: 60,930 SF Tenants (Partial List): 24 Hour Fitness, Coffee Bean & Tea Leaf, Panera Bread, Big Wangs Represented Buyer: JH Real Estate Partners Citizen News Building 1545 Wilcox Ave Hollywood, CA Status: Completed Size: 48,925 SF Represented Buyer: SE Edinger, LLC Represented Seller: Brentwood Capital Partners Multi-Tenant Creative Office Sale Historic Brown Derby Building 4500 Los Feliz Blvd Los Angeles, CA Retail Center Re-tenanting and Sale Status: Completed Size: 14,000 SF Multi-tenant Retail Building 4500 Los Feliz Boulevard: Lee & Associates represented the investment group that owned the building, which was the site of the last of the original four Brown Derby restaurants. The restaurant was failing, and the owners planned to redevelop the site for a mixed use project. However, those plans were dashed when the building was declared a historical monument. Lee s strategy was to find ways to add value to the property in preparation for a sale. The Derby restaurant was replaced with a Chase bank, an existing lease with Louise s Trattoria was renewed for a 10-year term; an additional 2,100 leasable square feet was carved out, and a transaction with a new buyer was executed. Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 23

24 ABOUT LEE Recent Representative Lee & AssociatesTransactions 24 Shoppes at Westlake Village Westlake Village, CA Retail Development Land Sales and Leasing Status: Completed/Ongoing Size: Acres Retail: 235,000 SF Developer: Selleck Development Group Transactions to Date: Represented seller, Bank of America, and buyer, Selleck Development Group in the acquisition of acre parcel for development of a 238,000 SF retail center Represented Selleck Development Group in the sale of 10.3 acres to Target Corp. for the construction of a 138,500-SF store Fully leased the balance of the retail space prior to the grand opening of the center. Tenants include: Tilly s, Total Woman Gym + Spa, Guitar Center, Jeannine s Gourmet Food Hall, Figueroa Mountain Brewing Company Tap Room, Hook Burger, Olio e Limone Ristorante Shoppes at Westlake Village: Two earlier attempts to develop the parcel, a 238,000-square-foot retail proposal and a 376,000-squarefoot office proposal, failed, and the parcel was returned to the lender, Bank of America. The bank engaged Lee & Associates to market the property for sale, and Lee s marketing drew multiple offers. Lee represented the successful bidder, worked with the company to secure new entitlements for a retail center, and is currently the exclusive agent for leasing and sales at the center. Status: Completed Size: 30,048 SF Status:Completed Size: 30,048 SF Represented Buyer: Represented Seller: Status: Completed Size: 6,876 SF Represented Buyer: Represented Seller: The Primrose Design Building 833 S. Spring St Downtown Los Angeles, CA Multi-tenant Creative Office Building Sale 7335 Santa Monica Blvd West Hollywood, CA Office/Retail Building Sale Interior Illusions, Inc. VIA Lending Co., LLC/KAR Properties, Inc Robertson Blvd Beverly Hills, CA Multi-tenant Office/Retail Building Sale Amadi Carpets, Inc. Joey Bishop Productions, Inc. Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

25 ABOUT LEE Recent Representative Lee & AssociatesTransactions Colorado Ave Santa Monica, CA Status: Completed Size: 5,050 SF Represented Buyer: Brentwood Capital Partners Status: Completed Size: 48,925 SF Represented Buyer: Represented Seller: Single User Creative Office Building Sale Citizen News Building 1545 Wilcox Ave Hollywood, CA Multi-Tenant Creative Office Sale SE Edinger, LLC Brentwood Capital Partners The Burbank Collection 57 E. Palm Ave Burbank, CA Retail Anchor and Shop Space Leasing Status: Completed Size: 40,000 SF Mixed-Use Ground Up Development: Retail Leasing Developer: Champion Real Estate The Burbank Collection: Lee & Associates represented the developer, Champion Development Group, in the leasing of this redevelopment site in downtown Burbank. Transactions included a 10-year lease to Barney s Beanery to anchor the center, and leases with Pinkberry, ZPizza, Crepe Maker and Panera Bread, among others DeSoto Ave Woodland Hills, CA Multifamily Development Site Sale Status: Completed Size: 10.4 Acres Multifamily: Entitled for 707 apartment units Developer: The Dinerstein Companies 6219 DeSoto Ave: Lee & Associates represented the buyer, The Dinerstein Companies, Houston, TX, and the seller, REW DeSoto Partners, in the sale of this property, which was one of the last remaining, fully entitled multifamily development sites in the submarket. The sale was conducted in an off-market transaction. Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 25

26 ABOUT LEE Our Company 26 Lee & Associates is among the largest and fastest growing commercial real estate providers in the nation, with top rankings and over 60 offices across the United States. Its foundation expertise comes from a unique, broker-owned business model and a focus on attracting the highest caliber of veteran brokers with extensive local market knowledge and a thick book of private contacts, alliances and global relationships. With principals who have a vested interest in your success and the effectiveness of your real estate holdings and transactions, clients enjoy a responsive, relationship-focused approach, customerdriven solutions and long-term advisory relationships. A Legacy of Success In 1979, Bill Lee had a vision about how a real estate organization should be run. His first focus was not on the organization, but on the clients served by it--how could their best interests be best served? The answer was simple enough. What if, he reasoned, a local division of a national real estate company was managed and run by its owner(s)? From that notion, a dynamic new business model was born. Lee & Associates turned real estate brokers into company owners or shareholders with a vested interest in the company and, in turn, a sense of shared responsibility, cooperation and an orientation toward building long-term client relationships and client-driven business solutions. Not only has this profit-sharing concept proven enormously successful, but it has fueled the explosive growth of group offices throughout the West and now moving East, all committed to customer service and ethical practices. Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

27 ABOUT LEE Our Company 27 Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

28 ABOUT LEE Our Advantage Choosing Lee & Associates confers a multitude of distinct benefits: Streamlined Personal Service - Each Lee & Associates group office is owned and operated by the brokers in that office. You deal with decision-makers. You partner with veteran real estate professionals. You get on track quickly. In-Depth Local Market Knowledge - Your broker and support team know the market. They live there. They can help fast-track your search, gain local insider s intelligence, and cut through red tape. They ll help you know the neighborhood like it s your own. Lasting Business Relationships - Your Lee group s focus is long-term. They re building a business, so they want to create relationships, not just close deals. Because of this philosophy, the company enjoys the lowest broker turnover rate in the industry. Stable Business Environment - Each Lee & Associates office is privately held, locally owned and locally managed. Each new office starts off debt-free. This level of stability and commitment has resulted in high levels of trust from our customers and employees. Strong National Presence - Lee & Associates has grown to become among the largest commercial real estate sales organizations in the country. It maintains affiliations with recognized brokers in all major US real estate markets. Its national affiliations include: SIOR, NACOR, IFMA, CRE, ICSC and IDRC. 28 Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602

29 ABOUT LEE Our Company Lee & Associates - LA North/Ventura Ventura Blvd, #100, Sherman Oaks, CA Corp ID # No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice. 29

30 ABOUT LEE Broker Resume 30 Cory Stehr Lee & Associates-LA North/Ventura, Inc. Corporate ID# ; License ID # A Member of the Lee & Associates Group of Companies Ventura Blvd. Ste. 100 Sherman Oaks, CA d: l c: l f: cstehr@lee-re.com Specialty / Expertise Cory Stehr is a Principal of Lee & Associates-LA North/Ventura with nearly a decade of experience transacting multifamily and retail sales throughout Southern California. His expertise includes analyzing, evaluating and underwriting properties, developing and executing lease-up strategies and negotiating sales and tenant improvements for multifamily buildings, shopping centers, NNN leased investments and office properties as well as providing guidance on entitlement procedures and ground-up development. Over the course of his career, Mr. Stehr has successfully closed approximately $300 million in commercial real estate sales. He recently represented the buyer and seller in a luxury apartment property transaction that commanded $660,000 per unit, to date the highest per unit price paid for a multifamily property in the San Fernando Valley. A staunch advocate for his clients, Mr. Stehr approaches each transaction by understanding the needs of the parties involved and developing an equitable solution that meets or exceeds clients investment objectives and creates value. Career History / Professional Recognition Mr. Stehr was ranked as the Top Associate for his production in 2015 and elevated to principal status. Prior to joining Lee & Associates, Mr. Stehr was a Senior Associate with BRC Advisors where he specialized in multifamily and retail investment sales. He began his commercial real estate career with Cusumano Real Estate Group, Burbank, CA, a real estate development and investment company, where he was responsible for property management and leasing, underwriting and overseeing tenant improvements. Representative Sales (partial list) Successfully assembled multiple land parcels totaling nine acres valued at $120 million in USC/Exposition Park area of Los Angeles. Represented buyer and seller in the sale of a 159-unit 3-building portfolio in the Koreatown submarket of Los Angeles for $16,575,000. Represented buyer and seller in the sale of 2055 Central Avenue, a 180-unit multifamily property in Highland, CA for $17,150,000. Represented buyer and seller in the sale of Ramona Avenue, a 198-unit apartment property in Chino, CA for $30.5 million. Represented buyer in the acquisition of a 60,000-square-foot shopping center in the North Hollywood submarket of Los Angeles for $43 million. Represented buyer in the sale of 5501 Newcastle Avenue, a 120-unit multifamily property in the Encino submarket of Los Angeles, for $44 million. Represented buyer and seller in the sale of a 22-unit apartment property in the Studio City submarket of Los Angeles for $14,518,000. Represented buyer and seller in the sale of a 24-unit multifamily property in the Encino submarket of Los Angeles for $9.9 million. Represented buyer and seller in the sale of a 100,000-SF grocery-anchored shopping center in Palmdale, CA for $16.5 million. Represented buyer in the purchase of a 42-unit multifamily property in Burbank, CA for $8 million. Associations / Education Attended University of California, Los Angeles (UCLA) California BRE License Development Opportunity MULTIFAMILY 4603 Denny Avenue, Toluca Lake, CA 91602