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8/27/20
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An affiliate of Coastline Real Estate Advisors Inc purchased four multifamily properties in Redondo Beach in a $7.64 mil transaction. The assets, totaling 19 units, were the last four remaining properties in a real estate trust that had been liquidated.
The acquisition consists of: a five-unit property at 2102 Manhattan Beach Blvd, built in 1958; a five-unit property at 2118 Manhattan Beach Blvd, built in 1958; a five-unit property at 2120 Manhattan Beach Blvd, built in 1959; and a four-unit property at 1714 Clark Lane, built in 1969.
The three properties on Manhattan Beach Blvd each contain one three-bedroom/two-bath unit and four two-bedroom/one-bath units. The Clark Lane property contains one four-bedroom/two-bath unit, one three-bedroom/two-bath unit and two two-bedroom/1.5-bath unit. The buyer is planning on investing just over $1 mil in renovations to the properties.
Austin Zahn of Lyon Stahl, based in El Segundo, represented the seller, the family of the properties’ original builder. We’re told this is the first time these properties have ever hit the market.
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