JV Wins Competitive Redevelopment Apartment Deal in Redondo Beach

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.

CBRE’s Dean Zander, Stewart Weston and John Montakab represented the buyer and the seller in the deal.