JLL Capital Markets announced that it has closed the $81 million sale of Solterra at Civic Center, a 192-unit, garden-style, value-add multihousing community in Norwalk, California.
JLL marketed the property on behalf of the owner, RedHill Realty Investors, Shelter Asset Management and Tokyu Land Corporation. A private company acquired the property.
Solterra at Civic Center comprises one- and two-bedroom units averaging 904 square feet. Units feature large walk-in closets, private balconies, bathtubs and central HVAC and heating. Forty-nine of the homes have been renovated and feature new high-end cabinetry, quartz counters, vinyl plank flooring and stainless-steel appliances. The property’s low-density layout on an over 8-acre site also features an unrivaled community amenity set that includes a tennis court, two luxury swimming pools, cabana room, fitness center, sports courts, and playground.
Located at 12700 Bloomfield Ave., Solterra at Civic Center is ideally positioned with easy access to I-5, I-106, I-605 and California 91, offering residents easy access to Southern California’s most prominent employment, retail, and entertainment centers. Solterra at Civic Center is centrally located 17 miles southeast of downtown Los Angeles equidistant to the major business districts of Los Angeles and Orange County.
The JLL Capital Markets investment sales team that represented the developer was led by Senior Managing Director Sean Deasy, Managing Director Peter Yorck and Directors Nick Lavin and Chelsea Jarvis.
“Solterra at Civic Center is a unique, suburban, low-density, value-add opportunity in the heart of the mid-cities,” said Yorck. “We have seen unrivaled demand from investors for this type of product as renter demand has increased due to changing renter demand related to the COVID pandemic. We look forward to the buyer realizing their business plan at the property.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Jones Lang LaSalle Americas, Inc. (JLL) is a real estate broker licensed with the California Department of Real Estate, license #01223413.