LOS ANGELES, --(BUSINESS WIRE)--Mountain Real Estate Capital (MREC) announces the acquisition of Silver Lake (top left photo) in Los Angeles in a joint venture with Harridge Development Group LLC. The transaction closed July 1; its value could not be disclosed.
The acquisition consists of the purchase of a property entitled for 67 residential units, plus an adjacent commercial parcel also zoned for apartment use.
Situated on its landmark reservoir and located approximately three miles north of Downtown Los Angeles, Silver Lake has become one of Los Angeles’ most attractive infill markets.
This is the fifth property MREC has acquired in Southern California since August 2010. Silver Lake was acquired from East-West Bank, which took title to the property via foreclosure and represents the 16th deal MREC has purchased from a bank since 2010.
MREC’s ability to purchase property and/or bank notes with all cash allows for quick closings. Silver Lake closed in less than 60 days from a signed LOI agreement. Harridge Development was recently formed by David Schwartzman, a Los Angeles-based real estate developer. Mr. Schwartzman has more than 21 years of real estate experience beginning with his homebuilding-development career in 1990. He has completed more than 20 projects in Los Angeles and controls approximately 700 lots in Southern California.
“I look forward to working with the Mountain team in expanding our presence in the urban infill market in Southern California. This is a niche market that this partnership will successfully fill,” commented Schwartzman. MREC’s aptitude for quick underwriting and cash closings give it a competitive edge in the market.
MREC’s homebuilder joint venture program is led by Managing Director Joel Kaul (middle right photo) in Minneapolis.
“David and his team have a long track record of successful land development in the Los Angeles area,” says Kaul.
“We believe there is strong demand for urban infill housing in Los Angeles and intend to partner with Harridge to develop the Silver Lake site as well as other projects in the near future.”
MREC Senior Director Lance Franklin (lower left photo) adds, “we are excited about starting a relationship with Harridge Development, which has a team of talented and creative professionals that have worked together for over 15 years. They have a proven track record of entitling and developing challenging projects in Los Angeles.
“Their knowledge of the local market and their dynamic skill set will provide MREC opportunities to invest further in the Los Angeles infill market.” MREC looks forward to additional investments of $50 million to $100 million with Harridge in this submarket.
Contacts
The Hoyt Organization
310-373-0103
No comments:
Post a Comment