May 15, 2019 Comments Off on Redondo Beach MF Trades for $54M Views: 360 California News, Los Angeles

Redondo Beach MF Trades for $54M

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Clovis, CA-based IDEAL Capital Group and Aegon Real Assets US acquired Novella Apartments in Redondo Beach, CA from Stockbridge Capital Group for $53.5 million. The 105-unit property is located at 616 Esplanade St.

The property experienced extensive water damage during storms in October 2018, causing significant water intrusion, which eventually resulted in 80% vacancy. The building underwent a $16 million renovation previously, and post-storm received a full roof replacement and common area waterproofing upgrades.

CBRE’s Dean Zander, Stewart Weston, and John Montakab represented the seller and the buyer.

Zander says, “This was a unique situation and opportunity for the buyer since it provides them with a blank canvas to create a premier residential community in Redondo Beach.” He notes the prime location and nearly-vacated shell “gave investors an opportunity to create the ultimate boutique coastal apartment community” in a market with no new product over the past 35 years, and only one project in the development pipeline.

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