TORRANCE, CA – A multifamily portfolio of craftsman-style buildings that garnered significant investor interest has sold, reflecting the appetite for value-add properties in today’s market, according to Warren Berzack, Travis Haining and Alton Burgess of Lee & Associates, who represented both the seller (Don Wilson Builders) and the buyer (an affiliate of Boston-based Rockpoint Group in joint venture with Strategic Housing Partners, an affiliate of Coastline Real Estate Advisors). Terms of the transaction were not disclosed.
The properties, which include 506 units spanning several city blocks in Torrance, CA, include Park Anza (23418-23818 Anza Avenue), Park Vista (2525-2745 and 2811 West 235th Street) and Park Yukon (16635-16733 Yukon Avenue).
“It is unusual to come across real estate of this era, quality and size that has been continuously operated by one owner, said Berzack, “and it is even more uncommon to see this type of mid-century, craftsmen construction on full city blocks.”
Don Wilson Builders, a 62-year-old development company, owner and operator of multifamily and commercial properties, developed the buildings and has owned them since the 1960s.
Park Anza, with 239 units consisting of 51 individual buildings, and Park Vista, with 183 units consisting of 36 individual buildings, are designed as townhomes that provide the look and feel of single family properties. Park Yukon is designed more like a traditional apartment building, with six contiguous buildings comprising 84 units.
“These properties have been impeccably maintained, and there has been virtually no vacancy over the past decade,” said Haining. “The portfolio offers a compelling repositioning opportunity with significant rental upside and a great deal of flexibility for the new owner.”
The buyer plans to make a significant investment in the portfolio to upgrade many of the apartments’ features.
“We see many buyers who are seeking older properties in need of modernization as an investment strategy, particularly in areas like Torrance that exhibit significant barriers to entry, excellent demographics and a dearth of high-quality product,” said Berzack, “But opportunities like this are rare in today’s marketplace.”
For additional information, Warren Berzack can be reached at 818-933-0350 or via email at wberzack@lee-associates.com. Travis Haining can be reached at 949-724-4711 or via email at thaining@lee-associates.com.