Marcus & Millichap completes L.A. apartment deal

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.

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