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JV Wins Competitive Redevelopment Apartment Deal in Redondo Beach

IDEAL Capital Group and Aegon Real Assets US have acquired a value-add apartment complex in Redondo Beach.

Novella Redondo Novella Redondo

A joint venture between IDEAL Capital Group and Aegon Real Assets US has acquired Novella Redondo, a 105-unit apartment complex in Redondo Beach, California, from Stockbridge Capital Group. The property traded for an undisclosed amount.

The asset is a great value-add play for the buyer. It experienced water damage in 2018, and the asset is a black canvas to create a quality residential property. As a result, the deal was competitive, yielding 40 tours and 20 offers.

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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