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9/10/24
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Koto Estates Co LTD, an investor from Japan, recently closed on a 121-unit multifamily acquisition in Los Angeles’ South Bay region. The company purchased The Highlands, located at 25935 Rolling Hills Rd in Torrance, for $71.5 mil, or $590k per unit.
The Highlands recently underwent a $16.5 mil renovation aimed at appealing to the affluent demographic in the South Bay. The units feature luxury finishes, vaulted ceilings in top-floor units, washer/dryers, and air conditioning in all units, and an outdoor gym, pool, and multiple lounge areas. The renovations also included the addition of 14 ADUs.
The property is situated adjacent to the affluent coastal Rolling Hills and Palos Verdes neighborhoods. It is within a 10–15-minute drive of local beaches and scenic coastline, and a 5–10-minute drive to premier retail amenities, dining, and entertainment.
Priscilla Nee and Yasuyuki Kojima with CBRE represented the cash buyer in the deal. The property was sold by Ocean Ten,LLC.
“The South Bay resident base has been severely underserved in terms of high-quality rental housing,” said Nee. “The pent-up demand for assets like The Highlands has resulted in high occupancy and other notable multifamily fundamentals for investors, providing our client with the opportunity to drive post-stabilization rent growth.”
The multifamily vacancy rate in South Bay is among the lowest in the region at 4.3% and rent prices have increased by 1.4% quarter-over-quarter, according to a recent CBRE market report.
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