Rolling Hills Apartment Homes, a 107-unit apartment complex in Torrance, recently sold for $49.5 million, or $463,000 per unit.
Calabasas, California-based Marcus & Millichap (NYSE: MMI) said both the buyer and the seller of the 52-year-old property on two acres were unnamed “private investors.”
MMI said the property’s unit mix is 59 one-bedroom apartments, 30 two-bedroom units, and 18 three-bedroom apartments. The average unit size is 930 square feet. Community amenities include controlled access, covered parking, a clubhouse, pool and spa.
“Placed on the market for the first time by its longtime owner, the asset gives the buyer a sizeable footprint in Torrance and the opportunity to capitalize on future growth in a prime pocket of the South Bay. The submarket has a strong employment base, excellent demographics, and a hot single-family housing market that is leading to an ever-increasing affordability gap between renting and homeownership,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office, in a statement.
Tyler Leeson and Marcus & Millichap’s Kevin King, Nick Kazemi, and Matthew Kipp, along with Institutional Property Advisors’ Joseph Grabiec, Kevin Green and Greg Harris represented the seller and procured the buyer.
By Ben Miller – Staff Reporter, The Business Journals