NAI Capital Completes 36-Unit Apartment Portfolio Sale in San Pedro
San Pedro, CA, Wednesday, October 28, 2015–Vice Presidents Tim Steuernol and Rob Zaharia with NAI Capital completed the sale of a 36-unit apartment portfolio located in San Pedro, Calif. Steuernol and Zaharia represented the buyer Rio Company in the transaction. The seller was Lamont Revocable Trust. The property sold for $5.95 million or $165,278 per unit.
The portfolio sale included two buildings located at 1144 West 13th Street and 1215 South Leland Street in the city of San Pedro. The two buildings were built in 1961, both measuring 14,120 square feet of rentable space. Each apartment building has 18 units and they are connected perpendicular to each other. Facing south on West 13th Street, 1144 West 13th Street has a lager lot size with a pool and back courtyard that extends out bordering the back property line of 1215 South Leland Street which faces east on South Leland Street.
At the time of the sale the portfolio was delivered with one vacant unit or 97% occupancy. The vacancy created an opportunity for the buyer to renovate the unit and bring the rent up to market. Vacancy in San Pedro for apartments is approximately 2.5%, which is extremely low due to the demand for rental units, fuelling escalating rents and exceptional sales prices with extremely low cap rates. Steuernol said, “The apartment market remains very hot with limited product for sale especially for larger unit properties. This portfolio, with 36 units in two neighbouring buildings, offered the buyer a great opportunity to buy into an excellent submarket within Los Angeles at one fell swoop.”
Zaharia added, “San Pedro is a great place to own apartments. It offers great amenities with its proximity to the San Pedro Bay Ports, the Queen Mary and Aquarium of the Pacific. The property offers a remarkable long term hold potential for the new owner.”
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate organizations, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
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