High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Los Angeles  + Apartments  | 

Redondo Beach MF Trades for $54M

Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.

Clovis, CA-based IDEAL Capital Group and Aegon Real Assets US acquired Novella Apartments in Redondo Beach, CA from Stockbridge Capital Group for $53.5 million. The 105-unit property is located at 616 Esplanade St.

The property experienced extensive water damage during storms in October 2018, causing significant water intrusion, which eventually resulted in 80% vacancy. The building underwent a $16 million renovation previously, and post-storm received a full roof replacement and common area waterproofing upgrades.

CBRE’s Dean Zander, Stewart Weston, and John Montakab represented the seller and the buyer.

Zander says, “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.” He notes the prime location and nearly-vacated shell “gave investors an opportunity to create the ultimate boutique coastal apartment community” in a market with no new product over the past 35 years, and only one project in the development pipeline.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With IDEAL Capital GroupConnect With CBRE’s Zander

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action
New call-to-action
New call-to-action