A two-acre plot in South Gate that has the city’s approval for 78 apartments has been put up for sale.
CBRE is marketing the land at 10130—10136 Adella Avenue in South Gate for sale as a “ready-to-build project,” broker Greg Sullivan told TRD. The listing price for the site is around $7 million.
Newport Ventures’ Dave Mossman and property owner Greg Solaas of Kemp Bros. Construction had filed plans to build a 78-unit, four-story property on the site, according to city planning documents. The city requires four of the units to be classified as “affordable,” with below-market rents for relatively low-income tenants.
After a “lengthy” entitlement process with the city of South Gate, the site is now fully entitled, Sullivan said.
City residents had fought with the council over the Adella Avenue project, arguing the project did not include enough affordable housing or open space. During the entitlement process, the developers estimated rents would range from $1,958 for a one-bedroom unit to $2,300 for a two-bedroom unit.
Sullivan said he expects the site will be sold to a mid-tier investor — a “1031 exchange guy or a high net-worth family” — rather than an institutional buyer with eyes on bigger properties.
The project is located a planned residential development by JPI, which is in the works on construction of 244 units. JPI’s development was touted as the first multifamily development in 30 years in South Gate.