SOURCE: Sebren Development

July 19, 2005 13:50 ET

Sebren Development Sells Western Ave. Property for Total Return of 88.9 %

LOS ANGELES, CA -- (MARKET WIRE) -- July 19, 2005 -- Sebren Development, a boutique real estate firm specializing in the acquisition and redevelopment of undervalued properties in the Los Angeles area, just recently renovated and sold a property at 451 North Western Avenue in Los Angeles. Sebren originally purchased the building in 2003 for $1.59 million and sold it this past May for $2.99 million. With an initial investment of $740,000, Sebren delivered an 89% return to investors within 27 months.

The building, which had been left in disrepair by previous owners, was carefully restored by Sebren Development, and is now considered a prime mixed-use space in the neighborhood and includes twenty-four residential units and eight retail units. The retail spaces have not yet been named, but negotiations are in progress. Said Brendan McDermott, CEO and co-founder of Sebren, "The redevelopment of this building was very gratifying. We were able to restore it, make it safe for the tenants and return it to the neighborhood with its original character still in tact."

Since 1998, Sebren has established a record of delivering healthy returns to their investors while upgrading the neighborhoods in which the investment properties are located. Since their inception, Sebren has purchased and sold 14 properties in the Los Angeles area and averaged a 45% return for their investors in less than 13 1/2 months. "Returning a healthy profit for our investors is integral to the growth of Sebren," explained Sebastian Rein, president and co-founder of Sebren. "We currently manage over $15 million in investor equity, with nine properties in development with a value of more than $37 million," added Rein, who also oversees each project alongside McDermott. For more information on Sebren, call 323-549-9000, or visit www.sebrendevelopment.com.

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