Thursday, November 5, 2009

Marcus & Millichap Closes $28.1M Receiver's Sale of Multi-Family Asset in Torrance, CA

TORRANCE, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully concluded the court- appointed receiver’s sale of Hampton at South Bay, (top left photo)  a 152-unit, 156,324-square foot luxury multifamily apartment building in Torrance. The sales price of $28.1 million represents $184,868 per unit and approximately $180 per square foot.

Greg Harris (middle right photo),  an executive vice president and senior director of the firm’s National Multi Housing Group (NMHG) in Encino, and Ron Harris, (bottom left photo) a senior vice president investments and senior director of the NMHG in Los Angeles, represented the receiver, Michael Fiorina, of Los Angeles-based Total Companies.

Financing for the acquisition was arranged by Capmark senior vice president Jim McBirney. The buyer is a Los Angeles-based private investor.

“The property was placed into foreclosure by Union Bank of California through its affiliate, UnionBanCal Equities Inc. Rather than foreclose and take title to the real property, Union Bank decided to pursue a rare receiver’s sale,” explains Greg Harris.

“The complex transaction involved the receiver obtaining court orders to sell the property and stand in the stead of the owners for purposes of contracting, due diligence and document execution.”

“Our marketing produced an almost unprecedented number of offers – 44 in the initial round and 25 best and final offers,” adds Ron Harris. “The transaction closed within 24 days of contract execution.”

Built in 1963 and renovated in 2007, Hampton at South Bay is located at 20707 Anza Ave. The property is comprised of six separate two-story structures and has a unit mix of primarily two- and three-bedrooms. Amenities include a swimming pool, an expansive fitness center, a one-of-a-kind theater room, a recreation/game room, an oversized sundeck and ample controlled-access on-site parking.

Torrance is halfway between Los Angeles and Orange counties and is bound by the Pacific Ocean. The South Bay region is situated on the southwest peninsula of Los Angeles County. Torrance is considered the heart of the South Bay.

Hampton at South Bay represents the upper echelon of rental housing in the South Bay.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

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