Rockpoint gets upsized loan on Torrance apartments

Blackstone lends $53M on six properties in South Bay city

Los Angeles /
Apr.April 06, 2022 10:30 AM
Blackstone Mortgage Trust’s Katie Keenan, Rockpoint’s Keith Gelb and Bill Walton; and several Torrance and properties (Google Maps, Blackstone, Rockpoint, iStock)

Rockpoint has scored an upsized loan on six multifamily properties in Torrance that the company has quietly acquired over the last year.

In April 2021, the Dallas-based investment firm purchased five properties totaling 138 units for about $45 million, records show. The apartment complexes are located at 21107, 20927 and 21023 Amie Avenue, 4006 Emerald Street and 21007 Victor Street.

Rockpoint got a $39.8 million loan from Blackstone last July in connection with the properties, public records show.

In November, Rockpoint purchased a 36-unit complex at 3650 Newton Street for $15.6 million from Rancho Palos Verdes-based Grand House Management, prompting Blackstone to upsize its loan to $53.4 million.

It’s unclear whether Rockpoint will demolish, renovate or keep the properties as they stand.

Rents at the Newton Street property currently range from $2,000 to $2,300 per month, according to online listings of the property. At 21107 Amie Avenue, rents start at $1,795 a month.

At both complexes, rents are lower than Torrance’s average. In February, the average rent for an apartment in the neighborhood was $2,218, according to RentCafe.

Rockpoint and Blackstone both declined to comment.

A limited liability company linked to Shikha Vidjearadji, a local investor and broker with Century 21, sold the first group of five properties.

It’s not the first time Rockpoint has gotten into the Torrance multifamily market. In June 2017, the firm and Strategic Housing Partners purchased three complexes totaling 506 units. Blackstone provided a $141 million loan in connection with the deal, records show.

Two years later, the company sold a portion of the portfolio to Clarion Partners for $128 million and the rest to private investment firm AICI.

Multifamily deals in Torrance have picked up over the last few years, given an influx of manufacturing, space and industrial firms to the South Bay.





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