Strategically located property will extend existing Century Woods community with ten new homes.
An affiliate of Los Angeles-based California Landmark Group (CLG) has acquired an undeveloped 70,000–square–foot lot at the corner of Century Park West and Solar Way, and is constructing ten 5,000 square–foot homes, to be known as The Enclave at Century Woods.
CLG purchased the property from a neighboring homeowner association, while concurrently purchasing JMB Realty Corporation’s option to build homes on the site. The total cost of the acquisition was approximately $13,000,000. HFF senior managing director Michael Ross, director Andrew Harper and senior managing director Richard Plummer represented both buyer and seller in this transaction.
Construction will begin in the next several months and is expected to be completed by the end of 2014. CLG plans to build a new perimeter wall that will incorporate the new residences into the exclusive Century Woods gated community. The homes will be oriented toward a central courtyard, and the perimeter will be lushly planted in order to buffer the parcel from the street and neighboring structures.
“This was an extremely complicated transaction, but we are thrilled to be the new owners of this hidden gem in the heart of Century City,” said Ken Kahan, president of California Landmark. “This is a unique parcel of land. We look forward to bringing life to a long-dormant prime site that is adjacent to so many cultural, business and shopping areas, and located within the beautiful Century Woods community. These will be absolutely beautiful homes.”
One of the few gated communities on the Westside, Century Woods includes 48 condominiums as well as 32 homes that range from 4,000 to 8,000 square feet. Amenities include 24–hour secure entry, tennis court, indoor and outdoor pools, a fitness center and a clubhouse. CLG is well acquainted with the area. In 2002, CLG built what at the time were considered the final four single–family homes in the community.
About California Landmark
California Landmark, founded in 1988, acquires, rehabilitates and develops real estate throughout Southern California. The firm, based in Westwood, has distinguished itself as an innovative problem–solver in the design of residential and commercial communities. California Landmark’s residential projects are well known for their quality and character.