Sam Zell’s Fairness Residential has unloaded two adjoining properties with 454 items in Hermosa Seaside in Los Angeles County’s South Bay for a mixed $275 million. Prime Residential acquired the 285-unit Playa Pacifica and 169-unit The Gallery for $162.5 million and $112.5 million, respectively, two blocks from the seaside.
Fairness Residential acquired the properties for $133 million in 2006, in line with Institutional Property Advisors (IPA), a division of Marcus & Millichap, which brokered the newer deal.
“The sale represents the acquisition of 24 p.c of the complete condominium inventory in Hermosa Seaside and practically 70 p.c of the like-kind condominium inventory in Hermosa Seaside and Manhattan Seaside,” IPA’s Kevin Inexperienced mentioned in an announcement.
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