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November 20, 2019
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SOUTHERN CALIFORNIA NEWS
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El Segundo Value-Add Res Property Goes for $312k/Unit

6/20/19

A 16-unit apartment complex in El Segundo was acquired by an unidentified investor for $5 mil ($312.5k/unit). The property is located at 436-440 W. Imperial Ave, just a few blocks inland from Dockweiler Beach and directly south of LAX.

The property features all two-bedroom / one-bath units. The new owner will complete a total cosmetic renovation to both the exterior and interiors.

El Segundo sits in an ideal coastal location with a strong diversified employment base. The area benefits from its proximity to the airport, Silicon Beach and the Westside. Just a few miles north of El Segundo, numerous tech companies have established themselves, including YouTube, BuzzFeed, Salesforce and Electronic Arts, among many others.

CBREs Mike McKinney, Nancy Bush and Mark Okuma represented the local buyer and the seller, a long-term private investor. According to McKinney, this was a great value-add opportunity which the buyer purchased in as-is condition with plans to renovate it.

The multifamily market in the Greater Los Angeles area remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to the latest CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending in Q1 -- up 65.7% from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period. The vacancy rate in Los Angeles was 3.7% in the first quarter, down 10 basis points year-over-year, with rents rising 3.7% from the prior year.





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