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7/06/17
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A 506-unit res portfolio in Torrance was purchased by an affiliate of Boston-based Rockpoint Group in a joint venture with Strategic Housing Partners, an affiliate of Coastline Real Estate Advisors. The deal price was not immediately disclosed.
The value-add portfolio consists of craftsman-style buildings spanning several city blocks in Torrance. The purchase includes: Park Anza (23418-23818 Anza Ave); Park Vista (2525-2745 and 2811 West 235th St); and Park Yukon (16635-16733 Yukon Ave). The buyer plans to make a significant investment in the portfolio to upgrade many of the apartments’ features.
Park Anza, with 239 units in 51 individual buildings, and Park Vista, with 183 units in 36 individual buildings, are designed as townhomes that provide the look and feel of single family properties. Park Yukon is designed more like a traditional apartment building, with six contiguous buildings comprising 84 units.
The portfolio was sold by Don Wilson Builders, a 62-year-old development company, owner and operator of multifamily and commercial properties. The company developed the buildings and has owned them since the 1960s.
Warren Berzack, Travis Haining and Alton Burgess with Lee & Associates represented both parties in the transaction. According to Berzack, it is unusual to come across real estate of this era, quality and size that has been continuously operated by one owner.
“These properties have been impeccably maintained, and there has been virtually no vacancy over the past decade,” said Haining. “The portfolio offers a compelling repositioning opportunity with significant rental upside and a great deal of flexibility for the new owner.”
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