10/23/2008

JV sells So. California apartments for $49M

by

The Waterfront

A joint venture between Irvine, Calif.-based Bascom Group and Rockpoint Group, LLC, has sold The Waterfront, a 161-unit multi-family property in Redondo Beach, Calif., for $49 million.

Ron Harris and Gregory Harris of Marcus & Millichap represented the joint venture in the transaction.

The Waterfront is located at 211 Yacht Club Way and sold for $304,348 per unit, or $392 per square foot. The property, which attracted nearly 20 offers, sold with a 5.1 percent capitalization rate and contains a 100,000-square-foot restaurant.

Address: 211 Yacht Club Way, Redondo Beach, Calif.

Size: 161 units

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Filed Under: Multi-Family

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