152 Units Hit Market in Receiver's Sale

"A court approved receiver's sale is rare, especially of this size," Greg Harris, executive vice president at Marcus & Millichap in Encino tells GlobeSt.com. Harris says that the transaction process "will require some additional logistics, but should be smooth," given the experience of the receiver, Total Cos. He adds, "The market is treating this offering essentially the same as they would an REO."

Built in 1963 and most recently renovated in 2007, the Hampton at South Bay is described by the Marcus & Millichap brokers as an institutional quality in an affluent infill location. The property does not fall under rent control and is in a location with high barriers to entry, close to numerous employment and entertainment centers as well as shopping centers such as Del Amo Fashion Center and South Bay Galleria, according to the marketing brochure.

The 152 units at the complex are in six two-story buildings on a parcel of approximately 3.6 acres. Four of the 152 units are one-bedrooms measuring 740 square feet, 130 of them are two-bedroom units ranging from 924 square feet to 1,062 square feet, and the remaining 18 are three-bedroom units of 1,200 and 1,225 square feet. Unit features include ceiling fans, dishwashers and disposals, built-in microwaves, and, in some units, patios, balconies, walk-in closets and fireplaces. Common area amenities include a swimming pool, a fitness center, a theater room, a game room, a sun-deck and cabana-style tents and four laundry facilities.