Berkadia announced the sale of Sugar Hill Apartments, a 36-unit, garden-style multifamily community in North Redondo Beach, California.
Managing Director Steffan Braunlich of Berkadia El Segundo and Senior Partner Chris Thompson of IREA Encino led the transaction on behalf of the seller, South Bay-based 1811 Armour Lane LLC. The deal closed on October 31.
Sugar Hill Apartments sold for $11.91 million to Hermosa Beach-based Good Capital Group LLC at a 4.98% cap rate. The sales price reflects a per-unit price of $330,833. The property was 94% percent occupied at the time of the sale.
“This is the highest sales price and largest building sold in North Redondo Beach since 2017. The buyer acquired a legacy property, and the seller eliminated day-to-day management responsibilities while increasing cash flow,” said Mr. Braunlich.
Sugar Hill Apartments are located just one mile from the beach and are on over an acre of land. Sugar Hill Apartments was built in 1967 / 1973 and features 36 units with 54 private garages.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
