CityView sells South Bay apartment for $75M

Private investor picked up the 204-unit Wilmington property

TRD LOS ANGELES /
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.


Related Articles

arrow_forward_ios
The Spot at 2139 South Pacific Avenue and Adam O’Neill, president of Square One Homes, LLC, and Stonebridge Real Estate Group Inc. (Credit: Google Maps, iStock)

Multifamily development in San Pedro surges, thanks in part to Opportunity Zones

Cesar Pelli and the Hawthorne Federal Building

Auction for Cesar Pelli-designed FAA building nears end

Biotech and life science firms energize L.A.’s office real estate

LA office market I-sales are down but leasing remains steady: report

Konoike Group plans 55k sf cold storage facility in Wilmington

Industrial landlords shed tenants to make way for higher-credit companies

Torrance office campus sells for $124M

Hot South Bay industrial market driving demand and higher prices for older properties

arrow_forward_ios