215-Unit Luxury Beachfront Retreat Sold by IPA
Jul 14, 2016

RANCHO PALOS VERDES, Calif., July 14, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of The Villas at Rancho Palos Verdes, a 215-unit luxury oceanfront multifamily community in Rancho Palos Verdes, California.

“The Villas at Rancho Palos Verdes is the only sizeable beachfront multifamily property on the Palos Verdes Peninsula and one of just eight 100-plus-unit properties in the Western United States to feature ocean views and beach access,” says Greg Harris, IPA executive director. “With this acquisition, the new owner is in position to elevate the physical plant of a one-of-a-kind luxury coastal asset in one of the most desirable marketplaces in the Los Angeles metropolitan area,” adds Kevin Green, IPA senior director.

Harris, and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, West-Coast-based institutional investors, and procured the buyer, Greystar.

Constructed in 1968 and 1970 and partially renovated between 2006 and 2015, Rancho Palos Verdes is amenitized with an outdoor residential lounge, a heated pool and spa, 24-hour fitness center, leasing office, tennis court, numerous courtyards and common area decks, and gated subterranean parking. All residents have direct beach access and 35 percent of the apartments feature ocean views.