A fully entitled housing development near the University of Southern California is on the market, offering a potential buyer the chance to add additional residential space to the area of Los Angeles. According to a listing by Colliers International, the property is fully entitled to become the Expo Park Lofts, a 108-unit residential building that could serve a variety of uses.
The property, which is located at 3764 Normandie Avenue, is currently owned by The Prime Company, a student housing developer based in Manhattan, Kansas. The property is currently being offered at $18 million and was last purchased in 2018 for $6.9 million, according to public records.
The nearly one-acre development site is intended for either student housing, mixed-use or multi-family housing. If used for student housing, the listing shows the property could contain a total of 423 beds, with room accommodations for either single or double-occupancy with stand-alone single beds or bunk beds. The project is also entitled for 11 units of affordable housing. Upon development, the building would reach five stories and cover a floor area of 195,282 square feet.
The development would also feature a variety of amenity spaces, including a reception area, indoor and outdoor common patios, pedestrian courtyards, a wreck room, a rooftop lounging area, swimming pool and private balconies.
“Not only does Expo Park Lofts offer full amenities, ground floor retail, and close access to the USC campus and University Park, but also an unbeatable opportunity for students and/or residents alike, to live the off-campus lifestyle while they pursue their educational dreams,” the listing states.
Expo Park Lofts is named for its location within Los Angeles’ Exposition Park neighborhood, home to the 160-acre urban park with the same name. The area is home to a variety of dining and retail assets as well as the University of Southern California. The development site is located near various single family and multifamily residences and is also in close proximity to a variety of transportation options. For instance, both Expo Park/USC Metro Expo Station and a stop along the DASH route, are just one block from the site.
According to the listing, Exposition Park is also home to a growing population, with approximately 1.4 million residents in the five-mile radius surrounding the property estimated by the year 2024. Currently, the area has a median household income of $41,950 and is home to a student population of 47,500.