A 9,683-square-foot development site in Toluca Lake has sold for $2 million, or $207 per square foot.
NAI Capital facilitated the sale of the property from Napa Industries to Moorpark Place LP. NAI’s Emmanuel Ndu and Sam Monempour from the brokerage’s Encino Los Angeles office, along with Arthur Arejian, president of Vanguard Investments Inc., represented Napa in the transaction.
Located at 10720-10724 Moorpark St., the parcel is zoned LAR3 residential, which allows for low-rise multifamily units. Proposed plans for the property include 18 two-bedroom, two-bath units once the entitlement process has been completed.
“We are experiencing an increased demand for these types of in-fill projects,” Ndu said. “Short supply coupled with demographic and lifestyle preferences are fueling strong demand for multifamily.”