A 107-unit apartment complex in Torrance has sold for $49.5 million.
The property at 25935 Rolling Hills Rd. was purchased by a private investor.
Marcus & Millichap’s Tyler Leeson, Kevin King, Nick Kazemi and Matthew Kipp, along with Joseph Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and found the buyer.
“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,” Leeson said in a statement. “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.”
Grabiec added that in the surrounding area single-family homes have a median price of $2.6 million.
Rolling Hills Apartment Homes was built in 1970, which Grabiec said makes it young for the area.
“The South Bay has a limited multifamily development pipeline and an aged apartment stock that is primarily composed of buildings that are older than Rolling Hills Apartment Homes,” Grabiec said in a statement.
The property has 59 one-bedroom units, 30 two-bedroom units and 18 three-bedroom units. It also has covered parking and a pool.
“There is strong demand for luxury apartment homes in Rolling Hills Estates, and Rolling Hills Apartment Homes’ infrastructure provides the potential to expand upon and deliver some of the highest quality amenities in the submarket,” King said in a statement.
The property isn’t the only recent large multifamily sale in the South Bay. CIM Group, which is based in Mid-Wilshire, purchased the 117-unit Sora in Inglewood for $52.2 million in December. The property is located at 417