A joint venture between Rockpoint Group and Strategic Housing Partners has bought a multifamily portfolio in Torrance, California. The 506 unit portfolio is made up of craftsman-style buildings covering several city blocks. The properties include Park Anza, with 239 units consisting of 51 individual buildings, Park Vista with 183 units encompassing 36 individual buildings and Park Yukon with six contiguous buildings comprising 84 units. The seller, Don Wilson Builders, developed them in the 1960s. Warren Berzack, Travis Haining and Alton Burgess of Lee & Associates represented both the seller and the buyer during the transaction. Terms of the sale were not disclosed.
“Historically, multifamily properties in Torrance are family-owned and they have been in the same family for generations, so it’s rare for properties to even come on the market here,” Lee & Associates Multifamily Advisory Group principal and National Director Warren Berzack said. “The other thing that was very unusual about this transaction was its size. You just don’t see 500-unit portfolios, so there was tremendous interest from the marketplace.”
