Vue Tower
SAN PEDRO, CA-Carmel Partners of San Francisco has acquired the 318-unit Vue apartments tower at 255 W. Fifth St. from a foreign bank for $80.1 million, according to Jones Lang LaSalle brokers involved in the sale. The Vue was described as a $175-million condominium project when construction began on the oceanfront complex in 2006, according to a GlobeSt.com report at the time.
Leading the Jones Lang LaSalle team on the sale of the 16-story tower were VP Javier Rivera and managing directors David Young, Jeff Morris and Denny St. Romain. Built in 2008, the property was phased into an apartment complex in 2009. Individuals own 24 of the property’s units, and the remaining 294 are rental units.
Rivera called the project "an extremely high-quality property in an affluent trade area with a growing population base." The sale ranks among the largest apartment transactions this year in the L.A. market.
The Vue is situated on a 2.5-acre parcel, with waterfront views on three sides of the property. Its amenities include fitness, entertainment and business resident centers, and a resort quality pool with spa, sundeck and cabanas. A professional third-party management company administers the homeowner association’s management of common areas maintenance and upkeep.
According to the GlobeSt.com report in 2006, the Vue was originally a project of a joint venture of Galaxy Commercial Holding of Beverly Hills and the Carlyle Group. Units range from one to three bedrooms and from 700 square feet to more than 1,713 square feet, according to the 2006 report.
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