Family investor sells South Bay apartment complex

A family investor has sold a 50-year-old apartment complex in Torrance after putting it on the market for the first time, taking advantage of Los Angeles’ hot multifamily market.

Carla and Carter Pasch sold a 107-unit complex at 25935 Rolling Hills Road for $49.5 million, records show. Marcus & Millichap announced the deal on Wednesday, but did not identify any party.

The deal came out to around $462,850 per unit.

Ocean Ten, a limited liability company linked to Pacific Apartment Homes, bought the complex. The firm owns a number of townhomes and apartments across the South Bay, including a complex at 716 Indiana Court in El Segundo. Peter Bohlinger, the firm’s managing partner, confirmed the deal in a message to TRD.

Pacific Apartment Homes will do a major renovation to both the exteriors and interiors of the property, and add outside amenities, Bohlinger said.

Few apartment complexes in Torrance have sold in recent months. Real estate investors have generally flocked to manufacturing, warehouse and distribution space, given the city’s proximity to ports and LAX.

“South Bay has a limited multifamily development pipeline and an aged apartment stock that is primarily composed of buildings older than [this property],” Joseph Grabiec, a broker with Marcus & Millichap Institutional Property Advisors, said in a statement. Most properties in the area are single-family homes, he added.

Built in 1970, the complex includes a mix of one-bedroom, two-bedroom and three-bedroom units, as well as a pool, spa and covered parking.