BRP acquired 29 acres of residential land in Malibu for the purposes of developing luxury single-family homes.
The first 24-acres were marketed through a single-family home broker, which eliminated competition from most institutional buyers. The property had a bad stigma because the previous owner pursued overly-ambitious development plans and had a strained relationship with the City of Malibu. The land was also mis-priced due to an incorrect recording of seismic fault lines. The adjacent 5-acre lot was purchased through an off-market transaction by making an unsolicited offer.