A 12-acre parcel in Arcadia, California, that was once a mobile home park, just closed for $58.5 million, clearing the way for plans to develop a 277-unit luxury townhome gated community in that location.
eXp Commercial’s Tom Nguyen represented the seller, Prime Enterprises LLC, in a two-phased closing. The majority of the property closed on May 31, 2023 for $45 million and the remainder will close within four years for $13.5 million. It was one of eXp Commercial’s most expensive deals in history. The buyer was a national home builder.
“Santa Anita Village will be one of the largest residential construction projects to hit the San Gabriel Valley in a long time,” said Tom, who said the deal has been two years in the making. Other interested buyers included a mixture of regional and national home builders.
Tom, who practiced real estate law before committing to commercial real estate full-time for the last 23 years, joined eXp Commercial in January 2021. He is also a real estate developer himself, which makes him uniquely equipped to market this prime development opportunity and match it with the right builder.
eXp Commercial is a division of eXp World Holdings, Inc., one of the fastest-growing brokerages worldwide. It is a pioneer in the virtual commercial real estate industry and has created a cloud-based model that provides agents with state-of-the-art tools and technology, and access to a global community of top league advisors, agents, leaders and partners, building a powerful network of professionals. As an international market disruptor, eXp Commercial is leveraging technology and expertise to provide unrivaled services worldwide.
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