crefeed.com | 130-unit L.A. apartment complex trades for $25M

2/12/2008

130-unit L.A. apartment complex trades for $25M

Palermo Apartments

Los Angeles-based Realty Center Management, Inc. (RCMI) has expanded its Southern California holdings with the $25.1 million acquisition of the Palermo Apartments from Fairfield Residential.

Gregory Harris, executive vice president of investments and senior director of Marcus & Millichap's National Multi Housing Group (NMHG) in Encino and Ronald Harris, executive vice president of investments and senior director of the firm's NMHG in Los Angeles office, represented both RCMI and Fairfield in the transaction.

The 130-unit complex, which traded for $193,077 per unit, is located at 4315 West 182nd St. on 1.45 acres, three miles east of Hermosa Beach. The community is comprised of one three-story building containing studios as well as one, two and three-bedroom floorplans.

Gregory Harris recently brokered the $12.45 million sale of the Cambridge Glen Apartments in West Covina. He represented Redfern Family Trust in the deal.

Address: 4315 West 182nd St., Torrance, Calif.

Size: 130 units

Filed Under: Multi-Family

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