Clarion Partners pays $126M for Torrance multifamily portfolio

It’s unclear whether New York firm is buying into JV or acquiring piece of 422-unit

Los Angeles /
Jan.January 02, 2020 02:00 PM
Clarion CEO David Gilbert, Rockpoint co-founders Keith Gelb and Bill Walton, and one of Rockpoint’s Torrance properties (Credit: iStock)
Clarion CEO David Gilbert, Rockpoint co-founders Keith Gelb and Bill Walton, and one of Rockpoint’s Torrance properties (Credit: iStock)

New York-based real estate investment firm Clarion Partners paid $126 million to buy into a portfolio of multifamily townhouse units in Torrance that traded just two years ago.

It’s not clear how many units Clarion Partners bought, or if the firm purchased a share of the joint-venture entity that owns the 422-unit portfolio in Torrance.

Rockpoint Group and Strategic Housing Partners paid $178 million for a total of 506 units in the original 2017 transaction, but last year sold off 84 of the apartments to an unidentified buyer, according to Lee & Associates broker Warren Berzack, who was involved in the original deal. The 2017 deal included garden-style townhouses known as the Park Anza (23418-23818 Anza Ave.), Park Vista (2525-2745 and 2811 West 235th St.) and Park Yukon (16635-16733 Yukon Ave).

It’s unclear what position Strategic Housing Partners, which is an El Segundo-based entity of Steven Ludwig’s Coastline Real Estate Advisers and Moshe Azogui JDR Holdings, continue to hold in the 422-unit portfolio, or its role in the 84-unit sale of the Park Yukon.

Azogui and Ludwig did not return phone calls seeking comment.

Public records show that Anza Owner LLC, which shares a principal address with Boston-based Rockpoint, transferred the Torrance multifamily portfolio to CLPF Anza LP, which shares a principal address with Clarion Partners. The public records don’t specify how many units transferred.

Representatives with Clarion and Boston-based Rockpoint, led by co-founders Bill Walton and Keith Gelb — did not respond to emails and phone calls seeking comment. Clarion is run by CEO David Gilbert.

Don Wilson Builders developed the three building complexes and had owned them since the 1960s.

Rockpoint has been an active player in the L.A. market.

In September, it paid $310 million for a trophy 493,000-square-foot Miracle Mile office tower at 5900 Wilshire.

It was Rockpoint Group’s second big purchase along that stretch of Wilshire in less than two years.

Rockpoint paid $215 million for a 27-story office tower down the street, at 5670 Wilshire Blvd., which it bought in 2017.

Rockpoint also owns a 460-room Westin Hotel in Long Beach, plus several multifamily properties.

Clarion also has been active in Southern California, across various asset types.

In October, Clarion paid $76.8 million for an industrial infill project in La Mirada, in a deal that Cushman & Wakefield called one of the top five industrial trades this year.

And in June, Santa Monica-based real estate investment trust Douglas Emmett paid $350 million to buy a 350-unit residential and retail complex in Westwood from Clarion.


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