A 105-unit luxury apartment complex in Redondo Beach has sold for $74.5 million, or more than $709,000 per unit. Clovis-based Ideal Capital Group sold the property, at 616 Esplanade, to an unnamed private investor.
CBRE Group Inc.’s Dean Zander and Stewart Weston represented the seller in the transaction. The buyer was represented by KW Commercial’s Ryan Rembert and Mason Rowland. The property, known as Elements 616, sits on 1.2 acres. It has undergone $25 million worth of renovations since 2013. Ideal Capital acquired the property in 2019 and wrapped renovations in 2020.
The building’s amenities include water views from 40% of the units, an upgraded residents lounge, pool area, fitness center, laundry room and elevator cab.
“Elements 616 was completely reimagined by Ideal and is a well-positioned coastal multifamily asset that appealed to many California investors,” Zander said in a statement. “The proximity to Silicon Beach, its irreplaceable location, combined with the scope and quality of the renovations were a huge draw for the new owner.” READ THE ENTIRE ARTICLE HERE