LOS ANGELES — Matthews Real Estate Investment Services announced in a press release that the company has completed the $8 million sale of 7220 Maie Ave., Los Angeles, California.
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 and 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.
According to Matthews, their 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 carwash 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 carwash 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 carwash into a large mixed-use project is difficult but possible with the right buyer and location,” Miller said.
