Matthews Real Estate Investment Services recently completed the sale of 7220 Maie Ave. in Los Angeles for $8,000,000. The property was previously home to Florence Hand Car Wash and is now being sold as a mixed-use redevelopment opportunity. Senior associate Ethan Miller and VP & director Simon Assaf expertly represented the seller.
The private investor who sold the property saw its potential for redevelopment and sought out an experienced developer to take on the project. Multifamily developer Meta Housing was chosen as the buyer.
According to Miller, Meta plans to transform this site into a six-story building with 160 multifamily units, ground-floor retail space, and office space. The development will feature top-notch amenities such as community gathering spaces and rooftop views.
Named The Metro @ Florence at present, this project aims to provide affordable housing options for households earning between 30% -60% of the area’s median income. This investment in affordable housing has also helped secure California state grants and government funding for Meta Housing.
This recent transaction highlights an exciting opportunity for redevelopment in LA without mentioning any specific companies or organizations involved.
