Matthews™ Announces Sixteen-Property Portfolio Sale in California for $108M
El Segundo, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, recently arranged the sale of sixteen properties in Southern California. Executive Vice President and Managing Director David Harrington and Senior Associate of Multifamily Michael Astorian brokered the $108M portfolio sale. The portfolio was sold in two parts with fourteen of the assets totaling 185 units sold in a private transaction and a two-property portfolio totaling 55 units, located at 21818 Figueroa Street, Carson, CA and 25829 Viana Ave, Lomita, CA. The properties are low-rise, garden style apartments in dense, South Bay locations.
The buyer in the transaction, El Segundo based NextGen Apartments LLC, led by industry veterans Steven Ludwig, Eric Freedman, and James Killian, specializes in acquiring Southern California value-add multifamily and industrial properties. NextGen’s plan is to utilize their knowledge of the South Bay market and leverage their vertically integrated operating platform to execute their business plan. Having purchased over $300 million worth of assets in the South Bay of Los Angeles since 2017, NextGen is aggressively seeking new investment opportunities throughout this submarket.
The seller, a private individual who owned the assets for over 20 years, is a long-term owner of investment real estate throughout Southern California. Their motivation was to unwind their multifamily portfolio and exchange into other real estate investments with less management responsibilities. The seller benefitted from a well-defined process throughout the transaction and the buyer performed as agreed without any renegotiation of the purchase price.
For more information regarding the sale of the two multifamily properties in Southern California, please reach out to David Harrington. To view our current listings, please visit www.matthews.com.
About Matthews™
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.
About NextGen Apartments, LLC
NextGen Apartments, LLC specializes in acquiring value-add multifamily and industrial properties throughout Southern California. Utilizing a vertically integrated platform, NextGen works cohesively with its affiliated property management and general contracting companies to help optimize its growing portfolio.
