SoCal investor unloads Palisades Apartments
Gets nearly $13.8 million for property
By Inman News, Thursday, February 5, 2004.Inman News®
Marcus & Millichap negotiated the sale of the 90-unit Palisades Apartments in Torrance, Calif.
The value of the transaction was approximately $13.8 million.
Palisades Apartments is a 24-year-old complex located at 3724 Spencer St. The property encompasses 91,450 rentable square feet on 1.5 acres. The unit mix includes 15 one-bedroom/one-bath units and 75 two-bedroom/two-bath units, ranging in size from 750 to 1,350 square feet.
Torrance Restoration LLC sold the property to Palos Verdes, Calif.-based investment group.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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