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11/08/12
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Las Casitas Apartments, a 44-unit multifamily property in Torrance, sold for $7.4 mil, or $168k/unit. Located at 20810 Amie Ave, the property is a three-story apartment building with a unit mix of 26 one-bedroom/one-bath units, 17 two-bedroom/one-and-one-half bath units, and one three-bedroom/two-bathroom unit.
Each unit is individually metered for electricity and gas. A central hot water heater and an elevator service the property. The 60 parking spaces on the premises include 43 tuck-under spaces with storage, 13 open spaces and four carports.
Hiu Chan of Marcus & Millichap repped the seller, a private investor and the building’s original owner. The property generated 10 offers during its first week, one of them originating in Asia. The buyer, a limited liability company, was secured and represented by Chan. The building was sold as is at a 4.9 cap rate and a 12.15 GRM. It closed escrow within 45 days.
“The building’s seller owned it free and clear and had little incentive to maximize the building’s profit. The rent collection history was significantly lower than scheduled rent and the expenses were higher than usual,” Chan says, “Despite these issues, we were able to find a buyer who understood this asset’s potential through better management and increasing the rent by upgrading the building.”
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