A 0.29-acre parcel of land located on the University of Southern California’s “Fraternity/Sorority Row” has sold for $5 million, per the L.A. Business Journal.
The current parking lot is within a designated Opportunity Zone and the L.A. Business Journal reports that the buyer, Los Angeles-based investment company Farco Properties, plans to develop a multifamily housing project on the site.
The listing, which was held by Laurie Lustig-Bower and Kamran Paydar of CBRE, brought in 13 offers from developers. Records indicate that this lot last sold in 2000 for $510,000.