Entity connected to Benedict Canyon Equities buys Carson apartments for $55M

Update: Thursday, September 1st, 2016, 12:00 p.m.: An entity connected to Benedict Canyon Equities has purchased a 150-unit apartment building in Carson for $55 million, The Real Deal has learned.

The seller was the developer of the property at 21800 Avalon Boulevard, Thomas Safran & Associates. Dubbed the Renaissance at City Center, the Class A multifamily complex was fully leased as of the time of the sale, according to a source close to the deal.

In addition to the apartments, the structure features about 12,700 square feet of ground floor retail.

Nearly brand new, the Renaissance opened just three years ago. Its amenities include a spa, pool, media room, fitness studio, game room and barbecue area. Units range from one to three bedrooms and rent varies between $2,000 and $3,200.

Benedict Canyon Equities, a Los Angeles-based investment firm, manages nearly 100 properties in California and Colorado, according to its website. The firm’s name and address appeared on the deed of sale, but its president, Ryan Somers, told The Real Deal BCE only advised the buyer LLC, and did not have a stake in the project.

The price tag, which comes out to be about $367,000 per unit, is significantly above the Carson’s 12-month average of $239,464.

Thomas Safran’s incentive to sell was market timing, according to CoStar notes.

Both the buyer and the seller were represented by Ron Harris and Greg Harris of Marcus & Millichap’s Institutional Property Advisors.

Thomas Safran did not respond to requests for comment.

This article has been updated to include a comment from Ryan Somers of Benedict Canyon Equities.