A two-property apartment portfolio in Southern California has traded hands for $275 million. Prime Residential purchased the properties, which are located in Hermosa Beach, from an institutional owner.

The two assets are Playa Pacifica, a $285-unit property built in 1972 and renovated in 2015 and 2016, and The Gallery, a 169-unit property built in 1971 and renovated in 2003 and 2004. The properties sold for $162.5 million and $112.5 million respectively. At 454 units, the two assets represent nearly a quarter of the total apartment stock in the city and 70% of the like-kind apartment stock in Hermosa Beach and Manhattan Beach.

Playa Pacifica has eight floor plans with studio, one- and two-bedroom units, all of which feature stainless steel appliances, quartz countertops and in-unit washer and dryers. The Gallery has four floor plans with studios, one-bedroom, one-bedroom-plus-loft and two-bedroom units. They have hardwood flooring, granite countertops, walk-in closets and crown moldings. Both properties are a mile from the Hermosa Beach Pier, and located near job centers, entertainment and shopping venues.

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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.