CityView sells South Bay apartment for $75M

Private investor picked up the 204-unit Wilmington property

Feb.February 21, 2017 03:00 PM
Solimar Apartments, CityView CEO Sean Burton (Solimar/CityView)

Investment and development firm CityView announced Tuesday that it sold its development Solimar, a luxury apartment complex in Wilmington, for $75 million, or $367,647 a unit.

The buyer was a private investor, according to CityView.

The 204-unit property at 1500 West Pacific Coast Highway features one to three bedroom apartments starting from $2,117, according to the apartment’s marketing materials. The one-bedroom apartments, which are 721 square feet, start at $2,117 a month, the materials show. Three-bedroom units go as a high as $3,315 a month.

Solimar, the former site of two used car lots, neighbors the Harbor Park Municipal Golf Course and the 231-acre Ken Malloy Harbor Regional Park, which is nearing the completion of its three-year long, $111 million clean-up project.

CityView said in a release that the sale of Solimar marks the final development in its Los Angeles Fund, which built or renovated more than 2,500 housing units in 21 projects in Los Angeles.

CityView recently filed plans to develop a 243-unit mixed-use complex in Westlake, The Real Deal reported. And it is collaborating with Hankey Investment on a mixed-use residential complex in Koreatown.

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