The buyer was Diversified Holdings LLC of Torrance, whichacquired the property from Los Angeles-based DMC Investment GroupInc. "This was an excellent opportunity for the right buyer to stepinto a partially renovated property with considerable upside withinone of the strongest submarkets in the nation," Zander says. Caspernotes that the buyer also owns a property next door.

Alondra Park is situated midway between Yukon Avenue andCrenshaw Boulevard on the south side of Redondo Beach Boulevard inthe northeastern portion of the city of Torrance, adjacent to thecities of Gardena and Lawndale. The Hendricks & Partnersbrokers describe the property as a classic garden-style complexwith many substantial upgrades: new double-pane, energy-efficientwindows throughout, new landscaping and hardscape, new roofs, newexterior paint and new plumbing.

The 50 units that have been upgraded feature top-tier finishes.Casper says that with additional interior and exterior renovations,the new owner stands to realize post-renovated market rents thatare 20% to 25% higher than today's average of $1,333.