A joint venture between IDEAL Capital Group and Aegon Real Assets US has acquired Novella Redondo, a 105-unit apartment property in Redondo Beach. IDEAL Capital Group is a Clovis, CA-based real estate investment firm based in Clovis. Aegon Real Assets US is a division of Aegon NV. The price was not disclosed.
Located at 616 Esplanade St, the 82.2k sf property experienced extensive water damage during October 2018 storms, causing significant water intrusion which eventually resulted in 80% vacancy. The building, which had undergone a previous $16 mil renovation, received a full roof replacement and common area waterproofing upgrades following the storm.
CBRE’s Dean Zander, Stewart Weston, and John Montakab represented the seller, Stockbridge Capital Group.
“This was a unique situation and opportunity for the buyer since it provides them with a blank canvas to create a premier residential community in Redondo Beach,” said Zander. “Our marketing efforts yielded over 40 tours and more than 20 offers from a variety of investors including institutions, sponsored groups, family offices and private individuals.”
He added, “The tremendous location and nearly-vacated shell gave investors an opportunity to create the ultimate boutique coastal apartment community in an amazing beach locale with almost no deliveries in the past 35 years, and only one development project in the pipeline.”