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September 22, 2021
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Norwalk Multifamily Community Gets New Owner in $81 Mil Transaction

9/03/21

Solterra at Civic Center, a 192-unit, garden-style, value-add multi-housing community in Norwalk, traded hands in a recent transaction valued at $81 mil, or $422k per unit. The property was sold by RedHill Realty Investors, Shelter Asset Management and Tokyu Land Corporation.

Solterra at Civic Center comprises one- and two-bedroom units averaging 904 sf in size. Units feature large walk-in closets, private balconies, bathtubs and central HVAC and heating. Forty-nine of the homes have been renovated and feature new high-end cabinetry, quartz counters, vinyl plank flooring and stainless-steel appliances. The property’s low-density layout on an over eight-acre site also features an unrivaled community amenity set that includes a tennis court, two luxury swimming pools, cabana room, fitness center, sports courts, and playground.

Located at 12700 Bloomfield Ave, Solterra at Civic Center is ideally positioned with easy access to I-5, I-106, I-605 and California 91, offering residents easy access to Southern California’s most prominent employment, retail, and entertainment centers. Solterra at Civic Center is centrally located 17 miles southeast of downtown Los Angeles equidistant to the major business districts of Los Angeles and Orange County.

Sean Deasy, Peter Yorck, Nick Lavin and Chelsea Jarvis with JLL Capital Markets represented the seller in the deal. A private company acquired the property.

“Solterra at Civic Center is a unique, suburban, low-density, value-add opportunity in the heart of the mid-cities,” said Yorck. “We have seen unrivaled demand from investors for this type of product as renter demand has increased due to changing renter demand related to the COVID pandemic.”





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