PRESS RELEASE: Marcus & Millichap Arranges Sell of Los Angeles County Multifamily for $9.9 Million

TORRANCE, Calif., Aug. 13, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 3708 Spencer St., a 44-unit apartment complex located in the southwestern Los Angeles County coastal community of Torrance. The sales price of $9.9 million equates to $225,000 per unit.
 Michael DiSimone, Ron Harris, and Joseph Smolen of Marcus & Millichap’s Los Angeles office, represented the seller, 3708 Spencer Ltd. The buyer, also represented by the listing agents, is a local private investor.
 “This was the first time the property had been on the market in approximately 40 years,” says DiSimone. “We sourced a highly motivated group of potential buyers that included some foreign groups.”
 “Located in one of the most desirable submarkets in the Los Angeles MSA, the building has been well maintained and yet also provides the new owner with significant value enhancement opportunities,” adds Smolen.
      Built in 1968 on a 33,018-square-foot parcel just east of Hawthorne Boulevard and south of Del Amo Boulevard, the property is situated in a medium density area of Torrance near key employers and some of the South Bay’s top public schools.
 The wood-frame and stucco building features a variety of  one-, two- and three-bedroom apartments and townhome-style units, a quiet courtyard setting with pool, on-site laundry facilities, controlled access entry, a manager’s office and lobby and gated semi-subterranean assigned parking.