By Dees Stribling
An affiliate of Boston-based Rockpoint Group, in a joint venture with Strategic Housing Partners, has acquired a multifamily portfolio in Torrance, Calif. Altogether, the properties total 506 units on several city blocks.
The portfolio is made up of craftsman-style buildings that garnered significant investor interest, 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 and the buyer.
The properties include Park Anza (23418-23818 Anza Ave.), Park Vista (2525-2745 and 2811 West 235th Street) and Park Yukon (16635-16733 Yukon Ave). The seller, Don Wilson BuildersDon Wilson Builders, a 62-year-old developer, owner and operator of multifamily and commercial properties, developed the buildings and had 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 feel of single-family properties. Park Yukon is designed more like a traditional apartment building, with six contiguous buildings comprising 84 units.
“It’s unusual to come across real estate of this era that’s been continuously operated by one owner,” said Berzack. “And it’s even more uncommon to see this type of mid-century, craftsmen construction on full city blocks.”
The buyer plans to upgrade many of the apartments’ features. “The portfolio offers a compelling repositioning opportunity with significant rental upside for the new owner,” said Haining.