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May 21, 2019
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San Pedro Res Property Gets a New Owner in $20 Mil Transaction


Bayridge Apartment Homes, a 60-unit, garden-style condo-mapped multifamily community in San Pedro, has sold for $20.5 mil ($342k/unit). The property was purchased by CA-based Manchester Square 2 LLC.

Located at 1099 W. Capital Drive, Bayridge offers studio, one- and two-bedroom floor plans offering quartz counters, stainless steel appliances, central air conditioning and heating and balconies or patios. The property also features a pool and spa, a community barbeque, a dog park and on-site laundry. Bayridge is blocks from an elementary school, a park and upscale shopping, and affords convenient access to Interstate 110 and nearby shopping.

Jim Fisher and Mike Smith of Berkadia’s Los Angeles office represented the seller, TruAmerica Multifamily. The duo also repped TruAmerica in its 2015 acquisition of the property as part of a 14-property portfolio.

“As San Pedro continues to undergo a renaissance of new development and growth, properties like Bayridge will continue to be a hot commodity. The buyer was drawn to the property’s coastal location and long-term potential,” said Fisher.

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