Laurus Corporation Closes Acquisition of Beverly Hills Site

LOS ANGELES, April 30 /PRNewswire/ -- Laurus Corporation ("Laurus") is pleased to announce that it has successfully negotiated the acquisition of a prominent development site located in the city of Beverly Hills.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090430/LA08894)

The nearly 1-acre site is ideally located at the intersection of North Palm Drive and Civic Center Drive in the "Platinum Triangle" area of Beverly Hills, California. Beverly Hills is one of the most sought after residential markets in the nation. Beverly Hills was listed two years in a row, as the most expensive housing market in the United States, with a median home price of over $2.2 million.

The property was acquired with full entitlements to build 35 luxury condominiums in two adjacent buildings. Current development plans call for 2 architecturally distinct 5-story buildings with units ranging in size from 2,000 SF - 3,400 SF. Each unit will feature exquisite designs, top of the line finishings, and the highest quality amenities. The vision calls for the development of upscale condominiums, targeting residents looking to move from their larger houses to a unit that still provides space, comfort and the extra detailing to which they are accustomed.

432 Beverly Hills, LLC was formed as an investment vehicle to acquire the property by a team of equity partners that have several decades of real estate development experience through a variety of entities and corporations. The partners' combined portfolios include a variety of holding in hotels, resorts, office buildings, shopping centers, and residential developments.

Laurus Corporation is a boutique style development company that specializes in luxury condominiums, master plan communities, mixed-use properties, luxury hotels and resorts. The Company coordinates activities converting ideas from paper into real property. It creates, manages and orchestrates key partnerships, while assembling the process of development from beginning to end and at the same time delivering high yield returns to investors.

SOURCE Laurus Corporation



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