Real estate crowdfunding platform Small Change announced on Wednesday the launch of its first Los Angeles-based offering. According to the funding portal, the Rosewood project is located in the and walkable Larchmont neighborhood of the city. The project was launched by 4Corners Group.
Small Change describes Rosewood as a urban-minded development of four single-family units that are designed to achieve net-zero energy usage and further vitalize the area. Each of the units is designed with energy efficiency and resource conservation in mind and will also be pre-wired for solar panels with sufficient roof space to achieve net-zero energy living. All fixtures and toilets will be WaterSense certified and Xeriscape landscaping, a style of landscape design requiring little or no irrigation or other maintenance, will be implemented, and rainwater will be captured and filtered into planters and a rain garden. The project is currently seeking $175,000, which will be used to complete construction of the project. The total development cost is $3.9 million.
“5016 Rosewood is a new development project consisting of four, single family detached units, and located in the Larchmont neighborhood of Los Angeles. The project is unique in that each of the four units is on its own parcel of land. This is rare for new development projects in west Los Angeles. As a result, the units are expected to command price premiums of 20-30% over townhome condominiums and 40-50% over condominium flats in west Los Angeles. Because they are fee simple, homeowners can also enjoy lower insurance rates and lower homeowner association fees.”
“L.A. is a changing city. It’s becoming more urban, more dense, every day. This project reflects the changing market and provides Larchmont with much-needed housing options. [With this project] we’re densifying and activating an underutilized lot, while offering luxury amenities that minimize waste, like Watersense-certified fixtures and xeriscaped surroundings.”
Small Change added a 10% return is projected on this investment. The platform’s investors will make a loan to the project with full return of interest and capital anticipated in less than 12 months.
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