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Thursday, Feb 22, 2024

Agoura Hills Townhouse Property Sells

A land parcel in Agoura Hills entitled for 18 apartments has sold for $2.1 million. The near 1-acre site at Palo Comado Canyon Road and Chesebro Road was purchased by Raven Ridge Development of Westlake Village, which plans to build two-story townhouses with enclosed two-car garages, according to John Battle, principal at the LA North/Ventura office of Lee & Associates. “Already entitled land parcels are rarely available in the Conejo Valley, and the time, effort and expense involved in getting entitlements heightens their value,” said Battle, who represented the buyer and seller. “The demand we saw and the pricing we achieved reflects these dynamics.” Battle said the seller, an owner and operator of car washes, spent about nine years working to get the project entitled by Agoura Hills, before selling it off to Raven Ridge in the deal announced this month. The project will include 17 three-bedrooms and a single two-bedroom. Raven Ridge will seek permits to begin construction by early fall.

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