CBRE Facilitates $24M Sale of West LA Multifamily Development Site
CBRE has finalized the $24 million sale of a 1.73-acre multifamily development site located at 9700-9740 W. Pico Boulevard, between Brentwood and Century City in Los Angeles. The property was acquired by Pico BWB LLC. CBRE’s Melinda Russell and Josh Samuels represented both the buyer and the undisclosed seller in the transaction.
“This coveted West L.A. site represents a once-in-a-generation opportunity to develop over 200 units in a prime Beverlywood location,” said Russell. “We ran a highly targeted, confidential marketing process that generated 11 offers in just 45 days. Through strategic outreach and deep market knowledge, we were able to secure the best possible outcome for both the buyer and the seller.”
CBRE noted that Los Angeles’ multifamily market fundamentals remain strong, with the first quarter of 2025 closing at a 95.4% occupancy rate. The transaction highlights the ongoing demand for new housing supply in West L.A., where large-scale development opportunities have become increasingly scarce.
