Rancho Palos Verdes Apartment Complex Sells for $20.4 Million

A second major apartment complex was sold in Rancho Palos Verdes this year after four years of relative inactivity for large apartment projects in the seaside city. The 49-unit Peninsula Villas Apartments was acquired by Torrance-based Real Estate Connection, a developer and operator of apartments in the South Bay, for $20.4 million, or $408,000 per unit.

The property was 92% occupied at the time of sale.

Peninsula Villas Apartments is surrounded by single-family homes. The property is a unique apartment building because it is comprised of 10 different structures and 34 of the 49 units are townhome style.

Bascom Group’s $127-million acquisition of Highridge Apartments in Rancho Palos Verdes is the largest apartment sale of the year in Los Angeles County.

Information for this article was sourced from Real Estate Connection.