Fund manager J.C. Frey of Kayne Anderson Capital Advisors and his wife Kristi put their custom Manhattan Beach home on the market Aug. 12 with a price of $22 million.
The 8,400-square-foot property works out to $2,622 per square foot. The house was listed by Kristi Frey, who works as a real estate agent for Strand Hill | Christie’s International Real Estate.
What makes the listing unusual is the location of the house at 500 North Poinsettia Avenue. It’s in a neighborhood called The Hill, six or so blocks away from the beach, yet still seeks a price above $20 million.
At $22 million, the Freys’ home won’t break any city price records, said Molly Hobin Williams, a Manhattan Beach agent with The Hobin Company at Bayside. The most expensive listings for the exclusive South Bay city are located in the beachside neighborhood called The Strand. One pricey listing on the thoroughfare is a $30 million house located at 3216 The Strand, for example.
Hobin Williams said that homes on The Hill section are distinguished by bigger lots than those on The Strand. 500 North Poinsettia Avenue sits on a lot with more than 10,000 square feet which allows space for an eight-car garage, as well as a salt-water pool and fountain feature, a spa, outdoor shower, basketball half-court and outdoor fireplace. The three-story house’s interiors include a theater/screening room and a humidor cabinet with a lighted cigar display.
Comps show a price gap between the property and its neighbors. They include a 4,600-square-foot home located at 504 Poinsettia Avenue, which was sold in 2021 for $7 million, or $1,521 per square foot. Another neighbor is a 4,600-square-foot home located at 400 North Poinsettia Avenue, which has been valued at $6.9 million.
According to Redfin, the average sale price of a Manhattan Beach home was $3.6 million in June, which is a 30 percent increase in a year-over-year comparison.
J.C. Frey launched Kayne’s energy infrastructure fund in 2000, and has served as portfolio manager since its inception, according to the company’s website. He currently oversees more than $3 billion in equity and debt securities.
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