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1/30/17
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A three-property multifamily portfolio totaling 506 units in Torrance has been listed for sale and is expected to fetch around $200 mil. The properties are being sold by Don Wilson Builders, who developed and has owned the assets since the 1960s.
The properties are: Park Anza at 23418-23818 Anza Ave; Park Vista at 2525-2745 and 2811 West 235th St; and Park Yukon at 16635-16733 Yukon Ave. Park Anza, with 239 units in 51 buildings, and Park Vista, with 183 units in 36 buildings, are designed and feel more like single-family properties. Park Yukon is designed more like a traditional apartment building and has six contiguous buildings totalling 84 units.
Warren Berzack and Travis Haining with Lee & Associates are marketing the portfolio on behalf of Don Wilson Builders, a venerable, 60-year-old developer, owner and operator of multifamily and commercial properties. There is not a set asking price.
“It is rare to come across real estate of this era and size that has been continuously owned by one owner, said Berzack who is National Director of Lee’s multifamily advisory group, “and it is even more unusual to see this type of mid-century, craftsmen construction on full city blocks in the multifamily sector.”
“These properties have been impeccably maintained and there has been virtually no turnover over the past decade,” said Haining, who is a principal in Lee’s Newport Beach office. “They, needless to say, offer significant rental upside, and because the properties consist of 51 individual parcels, they also provide a buyer a great deal of flexibility for repositioning and in developing an exit strategy.”
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