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TORRANCE, CA-The buyer of a 68-unit apartment complex here that includes 50 renovated units has paid $11 million for the property, which offers upside in a strong market, according to brokers on the deal. The complex, at 3338 Redondo Beach Blvd., is called Alondra Park and “has been immaculately maintained by private, well-capitalized owners with a long-term perspective,” according to Dean Zander and David Casper of Hendricks & Partners, who negotiated the deal on behalf of the seller.

The buyer was Diversified Holdings LLC of Torrance, which acquired the property from Los Angeles-based DMC Investment Group Inc. “This was an excellent opportunity for the right buyer to step into a partially renovated property with considerable upside within one of the strongest submarkets in the nation,” Zander says. Casper notes that the buyer also owns a property next door.

Alondra Park is situated midway between Yukon Avenue and Crenshaw Boulevard on the south side of Redondo Beach Boulevard in the northeastern portion of the city of Torrance, adjacent to the cities of Gardena and Lawndale. The Hendricks & Partners brokers describe the property as a classic garden-style complex with many substantial upgrades: new double-pane, energy-efficient windows throughout, new landscaping and hardscape, new roofs, new exterior paint and new plumbing.

The 50 units that have been upgraded feature top-tier finishes. Casper says that with additional interior and exterior renovations, the new owner stands to realize post-renovated market rents that are 20% to 25% higher than today’s average of $1,333.

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