Large, Multifamily Project in South Bay Sells Prior to Breaking Ground

Millennium Gardena, a development site slated to provide 262 multifamily units in Hawthorne, Calif., has sold, according to a news release from Newmark, who facilitated the closing of the sale. 

Located at 12850 Crenshaw Blvd, the sustainability-focused building planned for the site will be called South Bay X, and will feature a combination of studio, one- and two-bedroom units ranging from 510 to 1,197 square feet. 

Newmark Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein, Co-Head of Capital Markets Kevin Shannon and Executive Managing Director Ken White represented the seller, The Dinerstein Companies. The buyer was a joint venture between Cityview and Stockbridge. 

“South Bay is an undersupplied multifamily market adjacent to some of the largest tech firms in Los Angeles,” said Benton. “With multifamily market fundamentals extremely strong across the region, the buyer’s plan to build sustainable, market-rate housing will be well received.” 

South Bay X is expected to break ground during Q4 of 2022, with a targeted delivery in early 2025.