Multifamily Property in LA’s South Bay Trades for $78M
Standard Communities converted the property from market rate to workforce housing
UPDATED: Los Angeles’ multifamily market will face more uncertainty in 2021, but at least it’s showing signs of life entering the new year.
In a public-private partnership with Stifel Nicolaus & Company; Faring; the city of Carson; and Standard Communities, the Community Improvement Agency of the California Statewide Communities Development Authority, acquired the Renaissance at City Center in L.A. County’s South Bay. The deal was for $78 million.
Records show the property was owned by an entity tied to Benedict Canyon Equities, which acquired the property for $55 million in 2016.
The 150-unit property was built in 2013 at 21800 South Avalon Boulevard in Carson, and Standard Communities converted the units from market rate to workforce housing. The complex also includes 12,000 square feet of retail space, a pool and a fitness center.
The multifamily sector has been handcuffed by historic levels of uncertainty borne by the pandemic. Most jurisdictions have implemented different rent freezes, while the state maintains a stay on evictions for non-payment of rent. State lawmakers want to extend that moratorium through 2021 to avoid an “eviction cliff,” considering the unprecedented jump in unemployment this year.
But the market has started to move on, including in the city of Carson. Faring and The Wolff Company are nearly finished building a 357-unit project on Carson Street. And, last year, Urbanize reported that JPI wants to build more than 1,000 units and a 200-room hotel in Carson in a proposed complex called Jefferson on Avalon.
Standard Communities has also been active in other regions of the county, as well as throughout the country. The firm announced a $31.2 million deal in November for the Villa Raymond Apartments, which includes 61 rent-subsidized units for elderly residents in Pasadena. Standard Communities is the affordable housing division of Standard Companies, which has a portfolio of approximately 13,700 apartment units — 9,700 of which are affordable — around the U.S.
Correction: The first version of this story incorrectly named Standard Communities as the seller. Records show the property was owned by an LLC tied to Benedict Canyon Equities. Standard Communities is part of the public-private partnership that acquired the asset.