Evanisko Closes Another Affordable Housing Project Deal
This is a case study that highlights what we do as an urban land broker to add value in a way that is unique. The value proposition becomes very significant on large deals, but this is a decent current example of a deal closed on March 10, 2025.
We were initially retained by the property owner to process entitlements for a 17-unit + ADUs bonus density project while concurrently marketing the 10,240 SF double lot in Hollywood for $2,799,000.
A project was conceived in close collaboration with Aaron Brumer & Associates AIA and all applications were prepared by Evanisko along with the required third-party reports and studies, LAHD RUD, etc. needed to formally make the planning submission.
Just prior to making the entitlement submission, we received an offer to purchase the double lot from a developer with intentions of extracting greater density and height by leveraging incentives afforded by going with a 100% affordable housing development also while utilizing ED-1.
We structured a long-form transaction requiring the passthrough of submittal documentation, deposits, Seller’s cooperation in these endeavors, and mutual collaboration which would enable the Buyer to ultimately gain their entitlements prior to close. The work product and other documentation in the Seller’s possession was put to good use to maximize the efficiency of processing of the Buyer’s intended project. Nothing was lost by the Seller’s lead-up to the engagement with the buyer. In fact, the exercise of designing the 17-unit building and investing in the required work product to submit that project was all used in the subsequent sale transaction – including our architect (now the architect of the purchaser).
The advantage of these deal structures is the ability to enable the purchaser to design and entitle a project to their specific taste while removing costly carry costs and the brunt of the entitlement risk. The Buyer and Seller are both afforded significant advantages through our unique brand of brokerage service.
Finally, a special thanks to the patience and skill to our clients as well as our stalwart service providers Sterling West Escrow and Fidelity Title.
