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MG Properties Buys 300-Unit Apartment Property in Carson

5/27/22

MG Properties has purchased Evolve South Bay, a recently constructed, 300-unit Class A apartment community in Carson. The asset was sold by MBK Rental Living.

Opened in September 2020, the 11.9-acre luxury apartment community consists of three-story stacked flats with 11 spacious floor plans. The one-, two- and three-bedroom residences range from 735 sf to 1.3k sf in size.

Evolve South Bay’s long list of amenities include a two-story clubhouse with entertainers kitchen and California room overlooking the Porsche Experience Center; a resort-style pool and spa with cabanas, a barbecue area, outdoor fireplaces, an outdoor media lounge and social lounge; and a state-of-the-art fitness studio, yoga room, and outdoor fitness equipment with a running track. Residents also enjoy a playground, cornhole court, community dog park, and second-story co-working space that includes private offices and conference rooms.

Located at 285 E. Del Amo Blvd, the property offers the fusion of an urban, fast-paced Los Angeles lifestyle in a sophisticated California South Bay community. Residents can easily access I-405, I-110 and I-710, Los Angeles International Airport and Long Beach Airport, as well as nearby neighborhoods that include Torrance, Gardena, Long Beach, and Redondo Beach. Immediately north of the community is the Porsche Experience Center, a 52-acre complex that is home to Porsche North America and includes a road course, restaurant and other performance facilities.

“The oasis-like attraction that is Evolve South Bay’s mix of high-end design and lifestyle-enriching amenities was certainly borne out by its leasing velocity and rent growth, which then attracted high-level investors like MG Properties,” said Ken McCarren, President of MBK Rental Living. “This marks the third significant transaction within the last two and a half years between MG and MBK Rental Living in Southern California following last fall’s sale of Artesa at Menifee Town Center in Menifee… The Los Angeles County market continues to be a market that investors want to be in long term due to its tremendous market fundamentals.”

Financing was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.





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