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7/01/25
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JPI has purchased a shovel-ready, 4.86-acre multifamily development site in Torrance for $40 mil. The site, located adjacent to The Harbor-UCLA Medical Center at S. Vermont Ave near 220th St, was sold by CGI+, a Los Angeles-based multifamily investment firm that acquired the property in 2022.
After receiving entitlements for a six-story, 525-unit residential building -- 34 reserved for households making less than 30% of the Area Median Income -- CGI+ planned to begin construction in 2023 on what would have been the largest multifamily community ever developed within Los Angeles’s 17-square mile South Bay submarket. However, rising interest rates and dramatic increases in labor and construction costs delayed the start of construction.
“We were able to generate attractive returns on the sale of the land while still leaving plenty of runway for the buyer,” said CGI+ Founder and CEO Gidi Cohen. As a leading multifamily development firm, JPI will be able to leverage their unique set of skills and economies of scale to see this well-conceived project through to the finish line, while at the same time we build our portfolio through the acquisition of value-add, market-rate and low-income housing in Southern California and select markets in Southeast United States.
Designed by AC Martin, the planned development will offer floorplans ranging from studio to three-bedroom apartment homes. Residences will be connected by a series of walking paths leading to four distinct and separate micro-environments offering such amenities as outdoor workspaces, barbecue and dining areas, spa, children’s playground, pet park and fire pits. A 28k sf “aerial central park” on top of the project’s eight-story garage will offer 360-degree views from the Pacific Ocean to downtown Los Angeles. The roof-top park will feature a resort-style pool, coffee shop, clubhouse, indoor/outdoor gym, pickleball court, and outdoor lounge spaces.
The development project is located within the City of Los Angeles’ West Carson Transit Oriented District Specific Plan (“The Plan”), which was adopted in October 2019. The Plan calls for the addition of more than 3,500 new residential units and 4.6 msf of new commercial space in an effort to create a “more livable, accessible and sustainable community.”
The Land Advisors Organization team of Chris Gomez-Ortigoza and Tim Barden marketed the fully entitled development site on behalf of CGI+.
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