13 Jan 1836 NORTH GRAMERCY PLACE
1836 NORTH GRAMERCY PLACE
Acquired: January, 2016
Location: Los Angeles, CA
Acquired in June 2017, the South Bay Park Portfolio is a 506-unit apartment portfolio consisting of 3 separate properties throughout 91 total buildings. The properties run over a mile long in Torrance, California, a rental market in high demand. Prior to acquisition, the properties within the portfolio were underutilized, as effective rents were over 50% below market. In order to move rents in-line with the market, SHP plans to enhance the portfolio by preserving the well-maintained outdoor pools and attractive exteriors while renovating the outdated interiors. The renovation scope for the unit interiors includes new kitchens with quartz countertops, waterfall edges, and full slab quartz backsplashes, contemporary subway-tiled bathrooms, in-unit washer/dryers, and wood-inspired vinyl plank flooring throughout. In a location with very few renovated multifamily products and growing demand, the South Bay Park Portfolio is a rare offering in its market.