Matthews Real Estate Investment Services completed the $8,000,000 sale of 7220 Maie Ave. in Los Angeles. The property, which housed Florence Hand Car Wash at the time of sale, was sold as a redevelopment opportunity zoned for mixed-use. Senior associate Ethan Miller and VP & director Simon Assaf represented the seller.
The investment was sold by a private investor looking to take advantage of the property’s zoning and sell it to an experienced developer. The buyer was experienced multifamily developer Meta Housing.
“Meta plans to redevelop the car wash 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. The investment into affordable housing helped Meta Housing secure California state grants and government funding.