Thank you for sharing!

Your article was successfully shared with the contacts you provided.

REDONDO BEACH, CA-Avalon Bay Communities Inc. of Arlington, VA has aquired the 105-unit Esplanade Village oceanfront apartment complex at 616 Esplandade Ave. and has renamed it Avalon at Redondo Beach.

The REIT bought the property from Los Angeles-based RW Selby & Co. Inc., which specializes in multifamily investment, development and management. The transaction was brokered by Mary Ann King and Scott Davis of the Costa Mesa office of Chicago-based Moran & Co.Sean J. Breslin, VP of Investments for Avalon Bay, says the REIT was attracted to the property by its location directly across the street from the beach and just south of the Redondo Beach Pier and King Harbor, along with the strong South Bay apartment market, where what Breslin describes as “severe supply constraints” bode well for long-term rent growth. No institutional quality apartments have been built here for more than 30 years, Breslin points out, adding that the sharp increase in defense spending is creating many new, high-paying jobs in the area, which is populated by such firms as Boeing, Raytheon, Lockheed and Northrop Grumman.Avalon at Redondo Beach, which was built in 1971 and was 90% occupied at the time of the sale, comprises three buildings of wood frame and stucco construction that feature one- and two- bedroom apartments as well as studios. The units range in size from 550 sf to 1,350 sf and rent for $1,285 to $2,500. Selby recently completed a renovation of the property, creating a leasing center and remodeling the fitness center at the complex. The new asset is part of an AvalonBay portfolio that includes ownership interests in 148 properties comprising 42,880 apartment units, including 17 complexes in Southern California.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.