With substantial development experience and seven years selling development sites in virtually every neighborhood of Los Angeles, David Melaugh brings his comprehensive understanding of real estate development and thorough knowledge of finance to The Agency.
Excited by the unique set of challenges each new project brings and always prepared to rise to the challenge, David’s ultimate end goal is a common theme embedded in his stellar track record: higher returns for property owners. Leveraging both on-site construction and entitlement experience, David is able to consult with developers and builders on a multitude of levels at every stage of a real estate project.
David began his career in development working onsite for a high-end, custom single family home builder in his hometown of Greenwich, CT. He then moved into a more corporate setting, earning an opportunity to work with a publicly traded REIT in its New York City development group. David was a part of the team that planned, developed and leased two mixed-use, luxury residential multifamily projects in Westchester County, just north of NYC. Upon moving to California, David continued his multifamily development work for a group concentrated on the entitlement and rezoning portions of the development process. This professional progression perfectly positions David to represent properties for sale with redevelopment potential throughout the greater Los Angeles market.
David’s focus in the niche development market has enabled him to close deals from Chatsworth to Venice. As the exclusive listing agent, David sold “Chatsworth Trials” for fifteen homes in Chatsworth, “The Ridge” for nine homes in Silver Lake, “Morton Terrace” for eighteen homes in Echo Park, “River Walk” for twenty six homes in Westchester, “Huntington Place” for nine homes in El Sereno, and “The Knoll” for nine homes on one of the last undeveloped hilltops in Eagle Rock. In addition to for sale housing, David has sold many apartment projects throughout the city. Shortly after the Dodger’s sale was announced, David sold an apartment development site on Sunset Boulevard which was later covered in The Los Angeles Business Journal. He has also brokered several construction financings and been involved in the structuring of joint ventures between developers and property owners, in addition to representing property owners selling real estate. David is often tasked with locating off-market development opportunities and identifying 1031 exchange upleg properties that fit within certain zoning and capital requirements.
David’s recent notable transactions include brokering two construction loans using an SBA program for owner/user builders. The first project allowed for the construction of a 9,000 SF home on a complicated hillside in Beverly Hills. The property sold for $8.5 million. The second project allowed for the construction of a 25 home tract development in Sylmar, which had gross sales of $12 million.
As the exclusive listing agent for a six-home development site in Venice, David determined that the owner would greatly benefit from a joint venture partnership instead of an outright sale. He was able to identity an Orange County home builder who constructed the project, provided the owner with a preferred return, percentage of profits, and allowed the owner to keep one of the townhomes as his personal residence. The project grossed over $7.2 million, with David representing both the original owner and the joint venture partner.
As the exclusive listing agent for a multifamily property consisting of four separate single family homes with expired plans for an 18 unit condo development, David determined that a re-entitlement to a lower density and different product type would result in a higher value for the seller. David’s comprehensive understanding of zoning codes and the entitlement process, as well as the economic factors for each development type, provides him with the ability to create attractive sales presentations which delineate techniques to maximize value for owners. With this approach, David was able to assemble additional properties from neighboring owners and market the properties as a single development site. The project was altered to a 17 unit (Small Lot Ordinance) development, grossing sales of $14 million. David represented both the buyer and seller.
A graduate of Loyola Marymount University with a BA in Political Science, David lives in Venice and can often be found riding his beach cruiser on the boardwalk. When he’s not serving his clients in real estate, he enjoys trying out new restaurants around the city and working on his 1962 Chevy Nova.