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3/23/22
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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.”
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