HIGHLY ACCLAIMED AFFORDABLE HOUSING DEVELOPER BUYS FORMER OIL DRILLING SITE IN L.A.’S ARLINGTON HEIGHTS NEIGHBORHOOD


February 21st, 2019

The Klabin Company Represents Thomas Safran & Associates in $6 Million Purchase of Nine Adjacent Lots Totaling more than 48,000 Square Feet of Land Planned for a Mixed-Use Community of Affordable Homes and Commercial/Retail Spaces

(February 12, 2019 – TORRANCE, CALIF.)The Klabin Company/CORFAC International today announced it negotiated the $6 million purchase of a former oil drilling site, comprised of nine adjacent lots and totaling approximately 48,414 square feet of land, at 1918 4th Avenue and 3330-3320 W. Washington Boulevard in the Arlington Heights neighborhood of Los Angeles.  The buyer is Thomas Safran & Associates, a highly acclaimed and award-winning developer of affordable housing communities for nearly 45 years.

The Klabin Company’s Matt Stringfellow, SIOR, represented the buyer in the transaction, which closed on January 16, 2019. The seller was Sentinel Peak Resources. According to Stringfellow, Thomas Safran & Associates has plans to build a mixed-use community of affordable apartment homes with commercial and retail spaces on the ground floor.

Thomas Safran & Associates has developed more than 6,000 units of luxury, affordable and mixed-use rental housing in Southern California. Since its inception, the firm has specialized in developing and managing high-quality properties, many of which have won awards from prestigious design and historic preservation organizations.

“Ever since this site was closed for oil drilling several years ago, it has been discussed an ideal location for affordable housing,” said Stringfellow. “As one of L.A.’s most experienced and recognized builders of high-quality affordable rental communities, this property could not be in better hands than with Thomas Safran & Associates. The team there will work tirelessly to create what is sure to become a desirable and much needed mixed-use community.”

About The Klabin Company/CORFAC International

Now in its sixth decade, The Klabin Company/CORFAC International is ranked among the top commercial real estate companies based in Los Angeles. With clients around the world, The Klabin Company specializes in industrial, office, investment and development services. It combines cutting-edge research and analysis with years of experience to keep abreast of ever-changing market dynamics to ensure the best possible value for its clients in every facet of its business. The firm is affiliated with CORFAC International. For more information go to www.Klabin.com

About CORFAC International

CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 47 firms in the U.S., 6 in Canada and 27 in international markets, including Australia, Colombia, France, Germany, Ireland, Israel, Italy, Mexico, Romania, Russia, South Africa, South Korea, Switzerland and the United Kingdom. CORFAC offices completed more than 10,000 lease and sales transactions totaling 500 million square feet of space valued in excess of $8.0 billion in 2017. Contact CORFAC at (224) 257-4400 or www.Corfac.com.