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| Milano Apartments, Torrance, CA |
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| Ronald Harris |
TORRANCE, CA, Feb.
10, 2014 – Institutional Property Advisors (IPA), a multifamily brokerage
division of Marcus & Millichap serving the needs of institutional and major
private investors, has arranged the sale of Milano Apartments, a
248-unit apartment complex in Torrance, Calif.
IPA executive vice presidents
investments Ron Harris and Greg Harris, along with IPA directors Kevin
Green and Joseph Grabiec, advised the seller, 20900 Anza Avenue
Apartments LLC, represented by Fairfield Residential.
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| Greg Harris |
The buyer is M
West Holdings LLC, a vertically integrated Los Angeles-based private real
estate investment firm. Paul Darrow, an IPA director and Michael
DiSimone, an IPA associate, also provided representation.
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| Kevin Green |
“Milano Apartments is a core-plus
property of considerable size in an affluent South Bay infill submarket in Los
Angeles County with high demand drivers and desirable demographics,” says Ron
Harris.
“The property has received $4.2
million in capital expenditures during the last five years,” adds Greg Harris.
“The new owner, M West Holdings, has an opportunity to enhance revenue through
the continuation of strategic renovations.”
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| Joseph Grabiec |
“We were extremely pleased by the
efficiency of the IPA team,” comments Karl Slovin, president of M West.
“The team’s attention to detail facilitated one of our smoothest closings in
years.”
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| Paul Darrow |
The four-building apartment
complex is located at 20900 Anza Ave. in Torrance, Calif. The property features
640 feet of frontage along Anza Avenue. Redondo Beach and Hermosa Beach are
approximately two miles away.
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| Michael DiSimone |
Built in 1964 and renovated in
2008, Milano Apartments’ community amenities include two swimming pools, a
basketball court, two lighted tennis courts, a spa, a state-of-the-art fitness
center with cardio machines and free weights, a business center and conference
room, a billiards room, an outdoor sundeck and recreation area and a newly
renovated lounge with a bar and flat-screen TVs.
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| Karl Slovin |
The apartments feature upgraded
cabinets and countertops, wood-inspired vinyl flooring, crown molding, mirrored
wardrobes and stainless steel and black appliances.
For a
complete copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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