Clovis investment group sells apartments in Redondo Beach

IDEAL Capital Group is proud to announce the sale of Elements 616 apartments in Redondo Beach for $74,500,000.

published on March 22, 2022 – 12:05
Written by the staff of The Business Journal

IDEAL Capital Group has announced the sale of Elements 616 apartments in Redondo Beach for $74.5 million.

The Clovis-based real estate investment group bought the 105 apartments – originally called Novella – in 2019 for $53.5 million.

IDEAL acquired Elements 616 because of the property’s unrivaled beachfront location in Southern California, where residents are just steps from the beach, according to a press release. Located in the South Bay, residents have access to world-class jobs such as Honda’s US Headquarters, as well as key divisions or headquarters for Raytheon, Lockheed Martin, Computer Sciences Corporation, Boeing, Chevron, British Petroleum, Mattel, Northrop Grumman, and Xerox and many more. Plus, Silicon Beach to the north offers some of the most sought-after jobs in the country at places like Facebook and Google.

At the time of acquisition, Elements 616 was 10% occupied and required major renovation. IDEAL remodeled all 105 units, reconfigured the pool with water features, grills and fire pits, remodeled the gym, added pocket seating throughout the property, created a board wash station surfing and more.

“Elements 616 sits on the coast of the ultra-barrier beach town at the entrance to Redondo, where the average home value is well north of $2.2 million,” said Kevin Conway, CEO of IDEALCapital Group. “The property was purchased at a substantial discount to replacement cost. By renovating and upgrading Elements, our team has been able to significantly increase the revenue from the property and create tremendous value for our investors.”

CBRE represented the purchaser, an individual, and IDEAL.

About Gene Schafer

Check Also

Viewpoints: Low-income residents need more market-priced apartments

“Viewpoints” is a place on Chapelboro where locals are encouraged to share their unique perspectives …