Berkadia and IREA Negotiates $11.91M Multifamily sale in North Redondo Beach, CA

North Redondo Beach, California, (November 8, 2024) – Berkadia announced today the sale of Sugar Hill Apartments, a 36-unit, garden-style multifamily community in North Redondo Beach, California. Managing Director Steffan Braunlich of Berkadia El Segundo and Senior Partner Chris Thompson of IREA Encino led the transaction on behalf of the seller, South Bay-based 1811 Armour Lane LLC.

The deal closed on October 31.

Sugar Hill Apartments sold for $11.91 million to Hermosa Beach-based Good Capital Group LLC at a 4.98% cap rate. The sales price reflects a per-unit price of $330,833. The property was 94% percent occupied at the time of the sale.

“This is the highest sales price and largest building sold in North Redondo Beach since 2017. The buyer acquired a legacy property, and the seller eliminated day-to-day management responsibilities while increasing cash flow,” said Mr. Braunlich.

Located at 1808 Spreckels Lane and 1811 Armour Lane, the properties are just one mile from the beach and on over an acre of land. Sugar Hill Apartments, built in 1967 / 1973, features 36 units with 54 private garages.