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Tuesday, May 30, 2023

Torrance Site Sells for $18.3M

Legacy Partners has purchased a multifamily development site in Torrance known as Del Amo Village for $18.3 million.

The 2.8-acre site, located at 1844 Plaza del Amo, has entitlements for 200 market-rate units.

Newmark Group Inc.’s Kevin Shannon, Ken White, Chris Benton, Michael Moore and Anthony Muhlstein represented the sellers, PCCP, LaCaze, Muller Co. and Bentall GreenOak, in the transaction. 

“Del Amo Village presented investors with an extraordinary opportunity to execute a new development strategy in one of the South Bay’s most supply-constrained submarkets,” Benton said in a statement. “There has not been multifamily development of this scale and quality in the South Bay in the past 30 years, and with current demand for housing in Southern California, Del Amo Village received high investor interest.”

Shannon called the property an “exceptional multifamily site with incredible amenity access.” 

“The project should perform well given the pent-up demand for housing in the Torrance market,” he added.

Apartments are in high demand in L.A. During the second half of last year 7,270 new units were added to the county, which, according to Lee & Associates, is the “largest delivery of new housing in any six-month period of the last … 10 years.” 

The brokerage estimated that more than 35,000 additional units are in the pipeline.

Still, at the end of the year, L.A. had a mere 3.7% vacancy rate. 

The county’s effective rent rate had avyear-over-year growth rate of 3.2%. Rent grew by 7.4% in 2021, according to Lee & Associates data.

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