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12/06/21
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The Village Apartments, a 36-unit multifamily complex located in Torrance, sold for $15.575 mil, or $432.6k per unit. Built in 1963, The Village Apartments is located at 3650 Newton St.
The property is comprised of 36 two-story townhome style units, each with two-bedrooms and 1.5 bathrooms, featuring a community pool with an exterior bathroom, two onsite laundry facilities, carport, and garage parking. The Village Apartments is situated in the highly desirable and sought after Walteria neighborhood adjacent to Palos Verdes, just minutes to the beach.
The property is surrounded by million-dollar homes, and incredible amenities like Walteria Elementary, Del Amo Fashion Center, and Torrance Memorial Hospital. With a Walk Score of 72, tenants can walk to restaurants, schools, parks, entertainment, and retail shops.
The asset was owned by the seller for over 30 years. The property was well maintained and primed for a modern renovation to bring units to market rent. It was 91% occupied at the time of the sale.
Sheri Messerlian and Tim Steuernol with NAI Capital represented both the buyer, a private investor, and seller, a family trust, in the transaction. According to Messerlian, the buyer closed on the asset above the asking price after competing with multiple bids from qualified investors.
“This was an attractive long-term investment. At the time of sale rents at the building were approximately 50% below market, providing the buyer an outstanding opportunity to increase net operating income by renovating the units and bringing rents up to market,” added Steuernol.
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