CBC Advisors Closes Record Sale in Redondo Beach
The multifamily property sold at a record breaking rate of $719,875 per unit.
By Ioana Moldovan
Los Angeles—Coldwell Banker Commercial Advisors‘ El Segundo, Calif., office has announced the sale of 1906 Camino de la Costa, a multifamily property in Redondo Beach.
The four-unit, 3,048-square-foot asset was acquired for a final price of approximately $2.9 million in cash by a sourced international buyer. At $719,875 per unit, the price is the highest amount paid for a 4Plex in Redondo Beach history, east of the Esplanade. The sale closed at approximately $945 per rentable square foot.
The deal was arranged by CBC Advisors’ Managing Principal Jonathan Nikfarjam and by Sales Associate GianLuca Jacoli.
“Through our comprehensive marketing platform and large broker network we were able to create a competitive bidding atmosphere which resulted in several full price and above asking price offers,” said Nikfarjam in prepared remarks. “This is a great example of how the demand for well located, non-rent controlled, beach city real estate has been incredibly strong—and so strong that local investors are being forced to compete alongside foreign investors.”
Image courtesy of CBC Advisors