The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 22, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Upscale Redondo Beach Multifamily Community Fetches Over $700k/Unit


A Los Angeles-based private investor purchased Elements 616, a 105-unit luxury multifamily complex in Redondo Beach, for $74.5 mil ($709.5k/unit). Located at 616 Esplanade, just steps from the beach, Elements 616 sits on 1.2 acres and encompasses 81.6k sf.

The property was sold by IDEAL Capital Group, who purchased Elements 616 in May of 2019 as a value-add repositioning opportunity for $53.5 mil. Originally called Novella Apartments, IDEAL rebranded and repositioned the beachside community into Elements 616. Since 2013, the complex has undergone $25 mil in unit interior and common area renovations.

Elements 616 features resort-quality amenities, upgraded interiors, and exceptional water views from approximately 40% of the units. The complex’s 105 apartments average 778 sf and include 16 studio/studio lofts, 14 one-bedroom units, 25 one-bedroom den and/or lofts, and 21 two-bedroom units.

Common amenities include upgraded residents lounge, pool area, fitness center, laundry room and elevator cab. The complex also features a 157-space subterranean parking garage.

CBRE’s Dean Zander and Stewart Weston represented the seller in the transaction. The buyer, a local family trust in a 1031 exchange, was repped by Ryan Rembert & Mason Rowland with KW Commercial.

"The complex is a best-in-class, pride-of-ownership asset that still offers value-add potential that proved extremely attractive to area investors," noted Weston.

“Despite high area median incomes, South Bay home prices make renting an incredibly attractive option—especially renting a top-tier beachside community like Elements 616,” said Kevin Conway of Ideal Capital. “By renovating, rebranding, and upgrading Elements, our team was able to create
tremendous value for our investors and the community at large.”

Return to the Archive page




Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media