Property Sold to Meta Housing to Redevelop into Affordable Housing

LOS ANGELES— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $8,000,000 sale of 7220 Maie Ave, Los Angeles, CA. The property, which housed Florence Car Wash at the time of sale, was sold as a redevelopment opportunity zoned for mixed-use. Senior Associate Ethan Miller and Vice President & Director Simon Assaf represented the seller in the transaction.

 

The investment was sold by a private investor looking to take advantage of the property’s zoning and sell it to an experienced developer. Matthews™ agents secured a significantly above-market sale price for the .77-acre property at $240 per square foot of land, approximately $10,400,000 per acre. Utilizing the company’s marketing platform, agents sourced the buyer, experienced multifamily developer Meta Housing.

 

“Meta plans to redevelop the car wash and land into a six-story building featuring 160 multifamily units, ground-floor retail, and office space,” Miller said. “Amenities are going to be top-notch, with plans to provide community gathering spaces and rooftop views.”

 

The development project, currently named The Metro @ Florence, will reserve the apartments for households earning between 30% and 60% of the area’s median income, according to Urbanize. The investment into affordable housing helped Meta Housing secure California state grants and government funding.

 

The former Florence Hand Car Wash is a generational piece of real estate in Los Angeles, and developers plan to incorporate the historical part of the car wash structure into the mixed-use development.

 

“This will be a massive development in Los Angeles, one of the hardest places to sell and develop real estate. Converting a car wash into a large mixed-use project is difficult but possible with the right buyer and location,” Miller said. “Please reach out if you own a car wash with great real estate, and we can assess whether there is a redevelopment opportunity allowing you to receive top dollar for the asset or if it is better suited for a car wash consolidator.”

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion.