DEAL OF THE DAY: Fully Entitled Multifamily Site Bought for $1.85M

By Anuradha Kher, Online News EditorWest Toluca Lake, Calif.–Hendricks & Partners recently arranged the sale of Toluca City Place, a multifamily development site located at 11022 Camarillo St. in West Toluca Lake, Calif., for $1,850,000. A 15-unit condominium or rental project will be built on the fully entitled 14,500-sq.-ft. vacant lot. The sale price equates to $127 per sq. ft. of land and $123,333 per unit.The sellers – developer Hugh Finkle, engineer Eric Lieberman and architect Stanley Brent – spent more than two years gaining approvals for a four-story building featuring two- and three-bedroom units ranging from 1,425 to 1,613 sq. ft.Woodman Sylvan Properties Inc., an entity of DePauw Construction of Studio City, Calif. bought the property. The firm hopes to complete construction in less than a year as either a for-sale or rental project.