Los Angeles, CA – (September 9, 2021) — California-based Bolour Associates Inc. (BOLOUR), a privately-owned real estate investment, development and finance company, has sold its second parcel within the busy Western Avenue area of Los Angeles.
During its tenure of ownership, BOLOUR entitled the site – located at 606 N. Western Ave. – for 65 multifamily units. It has been purchased by a private investor/developer.
The BOLOUR site is situated immediately south of Melrose Avenue, along the highly active development submarkets spanning Hollywood and Paramount Studios to the east, Koreatown to the south, and North Vermont to the northeast, across the adjacent 101 Freeway.
““In every direction, pockets are being redeveloped with significant multifamily, townhome and hotel construction,” said BOLOUR CEO Mark Bolour. “We have owned this property for several years as part of our strategy to acquire, hold and entitle land in transforming communities. Melrose is this type of community, which has been proven out by the area’s steady and notable value appreciation, and the successful sale of this asset.”
The 606 N. Western sale allows BOLOUR to exit the property significantly above its original basis and exchange into a new value-add asset. The company owns an additional nearby site and sold another site within the corridor approximately one year ago.
BOLOUR continues to seek multifamily, land, office and industrial investment opportunities in key U.S. growth markets. To discuss, please contact BOLOUR Acquisitions Manager Kevin Saghian at 323.677.0550.