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by CareyBot

Brokerage Marcus & Millichap on Monday announced it has completed the sale of Palermo Apartments in Torrance, Calif., for a price of $25.1 million. The sales price represents $193,077 per unit. Palermo is a 130-unit multifamily complex comprising 91,116 square feet. Located at 4315 West 182nd St., the property features one three-story building situated on a nearly 1.5-acre lot. The building has a mix of studio, one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, spa, barbecue area, 24-hour on-site laundry facility, and secured, underground parking. Fairfield Residential sold the asset to RCMI, which was seeking a value-added investment. ...