LA Apartments Command $75M
- Feb 23, 2017
Los Angeles—CityView has sold the Solimar Apartment Community, a 204-unit apartment community in Los Angeles’ South Bay, for $75 million to a private investor.
The transaction marks the final property from CityView Los Angeles Fund I, which in total built or renovated more than 2,500 housing units in 21 projects in the greater Los Angeles area.
“Our development philosophy is to provide residents with easy access to local jobs, transportation and entertainment—and Solimar delivers on all these criteria,” Sean Burton, CityView’s CEO, told MHN. “Moreover, we seek out projects like this one, with strong renter demand and difficult barriers to entry because the combination of these factors allows us to provide much needed housing while creating value for our investors.”
Located at 1500 W. Pacific Coast Highway, the property offers one- two- and three-bedroom apartments. Amenities include a large clubhouse, a fitness center, a courtyard with barbeques, a pool and spa, cabanas and a pet washing station.
“There is a critical need for housing in this area, and projects like Solimar are critical in helping to ease the supply and demand imbalance,” Burton said. “We knew that providing supply to an area that was in serious need would be appealing for our investors and residents alike.”
Solimar sits on an eight-acre site in the heart of Los Angeles’ South Bay, adjacent to the Harbor Park Municipal Golf Course and the Ken Malloy Harbor Regional Park. It is located within walking distance to a Harbor Transitway stop, giving residents easy access to the area’s jobs and entertainment.
“High-cost markets such as the San Francisco Bay area and coastal Southern California, where the housing supply is constrained and barriers to entry are high are ideal for CityView’s brand of investing which combines deep local real estate knowledge with experienced investment, development and asset management capabilities,” Burton said.