May 15, 2019 Comments (0) Views: 171 California News, Los Angeles

Redondo Beach MF Trades for $54M

Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.

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.

Connect With IDEAL Capital Group

Connect With CBRE’s Zander


Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , ,

Comments are closed.

Send this to a friend