IPA Sells South Bay Multifamily
TORRANCE, Calif., Feb. 10, 2014 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Milano Apartments, a 248-unit apartment complex in Torrance, Calif.
IPA executive vice presidents investments Ron Harris and Greg Harris, along with IPA directors Kevin Green and Joseph Grabiec, advised the seller, 20900 Anza Avenue Apartments LLC, represented by Fairfield Residential. The buyer is M West Holdings LLC, a vertically integrated Los Angeles-based private real estate investment firm. Paul Darrow, an IPA director and Michael DiSimone, an IPA associate, also provided representation.
“Milano Apartments is a core-plus property of considerable size in an affluent South Bay infill submarket in Los Angeles County with high demand drivers and desirable demographics,” says Ron Harris.
“The property has received $4.2 million in capital expenditures during the last five years,” adds Greg Harris. “The new owner, M West Holdings, has an opportunity to enhance revenue through the continuation of strategic renovations.”
“We were extremely pleased by the efficiency of the IPA team,” comments Karl Slovin, president of M West. “The team’s attention to detail facilitated one of our smoothest closings in years.”
The four-building apartment complex is located at 20900 Anza Ave. in Torrance, Calif. The property features 640 feet of frontage along Anza Avenue. Redondo Beach and Hermosa Beach are approximately two miles away.
Built in 1964 and renovated in 2008, Milano Apartments’ community amenities include two swimming pools, a basketball court, two lighted tennis courts, a spa, a state-of-the-art fitness center with cardio machines and free weights, a business center and conference room, a billiards room, an outdoor sundeck and recreation area and a newly renovated lounge with a bar and flat-screen TVs.
The apartments feature upgraded cabinets and countertops, wood-inspired vinyl flooring, crown molding, mirrored wardrobes and stainless steel and black appliances.
# # #
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional multifamily properties and portfolios.
Gina Relva, Public Relations Manager