Torrance Apartment Complex Sells for $71.5M

A Torrance apartment complex has traded for $71.5 million, underscoring the strength of the South Bay city’s multifamily market.

Property records show the buyer of 25909 Rolling Hills Road is Japan-based Koto Estate Company, which state filings indicate has a local office in El Segundo. The seller was Ocean Ten, led by developer Peter Bohlinger.

Woodland Hills-based Cirrus Asset Management manages the property, according to records.

The purchase price, which was calculated from property records for the August trade, equates to $590,900 per unit.

The complex previously operated as Rolling Hills Apartment Homes with 107 units ranging from one-bedroom to three-bedroom options. It last sold in 2022 for $49.5 million, or $462,850 per unit, according to an announcement on the previous deal from brokerage Marcus & Millichap.

Since then, the south Torrance apartment complex was remodeled and rebranded to The Highlands with 121 units ranging from studio, one-, two- and three-bedroom units, according to the property’s website. Amenities include in-unit washers and dryers, stainless steel appliances, private patios and a pool.

Rental listing site Apartments.com recently showed monthly rents for available one- to three-bedroom units in the range of $3,300 to $4,500.

Rolling Hills Estates borders the property, with the Redondo Beach Pier about five miles northwest of the complex.

The sale figures for the property’s last two trades reflect a higher-than-average price per unit compared to the broader South Bay market during the second quarter, according to data from Colliers International.

South Bay multifamily properties sold for an average price per unit of $316,000 year to date as of the second quarter, according to Colliers. That’s up from the region’s $274,000 average per unit price in the first quarter of the year, according to Colliers.