Southern Calif. Apartment Property Changes Hands for $254,033/Unit
- May 11, 2010
Rancho Palos Verdes, Calif.–Marcus & Millichap Real Estate Investment Services brokered the sale of The Madison, a 90-unit, 118,874-square foot luxury apartment building in Rancho Palos Verdes. The sales price of $22,863,000 represents $254,033 per unit and $211 per square foot.
Ron Harris, a senior vice president investments and senior director of the firm’s National Multi Housing Group in Los Angeles, represented the seller, a Northern California-based investment group, and the buyer, Alliance Residential, a Phoenix-based investment group.
“The Madison is one of the most esteemed apartment home communities in Rancho Palos Verdes and is an affordable alternative to the multimillion-dollar single-family residences on the Palos Verdes Peninsula,” says Harris. “The Madison provides deluxe accommodations for a discerning tenant base that enjoys the Southern California beach lifestyle and benefits from the community’s proximity to multiple employment centers.”
Located in the hills above the Pacific Ocean at 6507 and 6510 Ocean Crest Drive in Rancho Palos Verdes, residents have an easy commute to downtown Los Angeles and Long Beach, the two largest employment centers in the Los Angeles metropolitan area. The property is also minutes from many major employers in neighboring Torrance.
The Madison’s unit mix features 19 one-bedroom/one-bath units and 71 two-bedroom/two-bath apartments. The average unit size is greater than 1,200 square feet and 56 percent of the apartments have ocean views. Select units have panoramic views of the sea and of Catalina Island.