TORRANCE, CA - Don Wilson Builders, a venerable, 60-year-old developer, owner and operator of multifamily and commercial properties, is marketing three apartment communities consisting of 506 units. The company developed and has owned them since the 1960s, according to the Lee & Associates team of Warren Berzack and Travis Haining who are marketing the portfolio.
The properties, Park Anza at 23418-23818 Anza Ave., and Park Vista at 2525-2745 and 2811 West 235th St., and Park Yukon at 16635-16733 Yukon Ave. in Torrance, CA, are not listed with a sale price, but they are expected to fetch a combined price of approximately $200 million.
“It is rare to come across real estate of this era and size that has been continuously owned by one owner, said Berzack who is National Director of Lee’s multifamily advisory group, “and it is even more unusual to see this type of mid-century, craftsmen construction on full city blocks in the multifamily sector.”
Park Anza, with 239 units in 51 buildings and Park Vista, with 183 units in 36 buildings, are designed like and feel more like single family properties. Park Yukon is designed like a more traditional apartment building and has 6 contiguous buildings totalling 84 units.
“These properties have been impeccably maintained and there has been virtually no turnover over the past decade,” said Haining, who is a principal in Lee’s Newport Beach office. “They, needless to say, offer significant rental upside, and because the properties consist of 51 individual parcels, they also provide a buyer a great deal of flexibility for repositioning and in developing an exit strategy.”
The marketing effort is the latest example of the capability of the one-year-old Lee & Associates National Multifamily Advisory Group to bring together expertise from across the organization to assist the needs of its diversified clients.
For more information Warren Berzack can be reached at 818-933-0350 or via email at wberzack@lee-associates.com.