SHARP CAPITAL PURCHASES FORMER FOUR-ACRE “NAKED JUICE” DEVELOPMENT SITE IN THE CITY OF GLENDORA
“LOS ANGELES HOUSING PROJECT FOLLOWS 7-DAY CASH ACQUISITION IN SCENIC
Los Angeles – In the final weeks of 2012, Sharp Capital has acquired a four-acre development
site in a series of cash transactions with due diligence and escrow being completed in just 7 days. The company has purchased a 58,000 square foot industrial building, located on fouracres of prime developable land in Central Glendora, and has also begun the entitlement process on a $20 million Market Rate Housing Project property in the Silverlake district of Los Angeles.
Located less than 30 miles from downtown Los Angeles at the base of the San Gabriel Mountains, Glendora is renowned for its verdant parks, high-ranking schools, and for having one of the lowest crime rates in the nation. “This location could not be passed up” said David J. Shophet, the Acquisitions Director of Sharp Capital. “The site is astounding, and the City of Glendora location allows families to enjoy everything LA has to offer, without the overwhelming noise and traffic of city living.”
Though there are no immediate plans for development, The Glendora property can accommodate 67+ Single Family Homes/Townhouses, and is located within walking distance of the city’s proposed Gold Line Extension. A bustling downtown village filled with quaint shops and unique architecture will be a major draw for future residents.
The property was a hot commodity for dozens of developers across the nation, but Sharp Capital won the bid because of their all-cash, seven day close before the end of the year.
In addition to closing escrow in seven days for the Glendora acquisition, Sharp Capital has begun the entitlement process of a $20 million, 67-unit Market Rate Housing Project located at 3221 W. Temple Street in Los Angeles. “As we begin construction, we’re excited to be working with architects whose designs will reflect the completely unique personality of this emerging neighborhood,” said Shophet. “The incredible views and hyper-modern amenities in each unit are going to be a huge draw.”S harp Capital will partner with their affiliate SCG Construction to engineer the Temple Street property, which will be designed by Daniel Bibawi and Jon Walters of Southern California Architects (SCALA). The company expects to break ground in the Spring of 2013,
The 67 units at the Los Angeles property will range from 700 to 1,215 square feet, and will feature views of the surrounding gardens, the city skyline, the Hollywood Hills and the Hollywood sign. Granite countertops, laminate flooring, a state-of-the-art exercise room and keycard access are just a few of the upgraded amenities Sharp Capital has commissioned for this property.
Sharp Capital’s Glendora acquisition, together with their ongoing commitment to the Los Angeles rental market, will result in the development of millions of dollars of prime LA real estate. With the housing market continuing to trend toward rentals, Sharp Capital is poised to maintain its role as an industry leader in 2013.