Laurus Completes Sale of Beverly Hills Site
- Jan 06, 2011
Los Angeles–Laurus Corporation has completed the sale of a prominent development site in Beverly Hills, Calif. The nearly 1-acre site is situated at the intersection of North Palm Drive and Civic Center Drive in the “Platinum Triangle” area of Beverly Hills.
The fully entitled property was previously acquired in the midst of the economic crisis by 432 Beverly Hills, LLC, an investment entity formed to acquire the property. Laurus and its equity partners acquired the property at a highly distressed value.
Initial plans were for 432 Beverly Hills, LLC to develop the five-story, 35-unit luxury residential condominiums. However, as market conditions began to improve, the opportunity arose to dispose of the asset, generating north of 30 percent IRR’s for the partners.
Laurus and its partners plan to redeploy the capital into other acquisition opportunities in the multifamily, office and hotel sectors. The purchaser, a development company, will be building out the condominiums.