Los Angeles–HFF recently announced that it has helped close the sale of a multifamily development site in the city’s Fairfax Village District. Ness Holdings netted $11.1 million from the transaction, a testament to the strength of L.A.’s current development pipeline and demand. The seller was represented by HFF Director Blake Rogers, who led the company’s investment sales team during the effort. Micropolitan acquired the property free and clear of existing debt.
Known as SixThirtyNine, the site occupies 0.46 acres of land at 639-645 North Fairfax Ave., just south of Melrose Avenue. The area includes attractions such as The Grove lifestyle center, and will offer residents proximity to the attractive West Hollywood submarket. At full build-out, the residential community will offer renters views of the nearby DTLA, the Hollywood sign, Griffith Observatory and the Hollywood Hills.
According to Rogers, “the site went through a competitive bidding process with several highly-qualified developers, both local and national, vying for the project.” In the end, Micropolitan prevailed, and will add SixThirtyNine to its slate.
Image courtesy of Google Maps