Torrance Apartment Development Site Sold for $40 Million

CGI+ Real Estate Strategies has sold a shovel-ready, 4.86-acre multifamily development site in Torrance to JPI for $40 million. The seller acquired the property adjacent to the Harbor-UCLA Medical Center in 2022. It received entitlements for a six-story, 525-unit residential building and planned to begin construction in 2023, but the company shelved plans after interest rates rose alongside a dramatic rise in labor and construction costs, according to Gidi Cohen, chief executive and founder of CGI+.

“We were able to generate attractive returns on the sale of the land while still leaving plenty of runway for the buyer,” said Cohen in a statement.

Designed by AC Martin, the planned development will offer floor plans ranging from studio to three-bedroom apartment homes. It will include amenities such as outdoor workspaces, barbecue and dining areas, spa, children’s playground, pet park and fire pits. It will also have a resort-style pool, coffee shop, clubhouse, indoor/outdoor gym, pickleball court and outdoor lounge spaces.

The Land Advisors Organization team of Chris Gomez-Ortigoza and Tim Barden marketed the fully entitled development site on behalf of CGI+.

Information for this article was sourced from CGI+.