LOS ANGELES – November 13, 2018 – Berkadia today announced the $20.5 million sale of Bayridge Apartment Homes, a garden-style condo-mapped multifamily community in San Pedro, California. Managing Director Jim Fisher and Senior Director Mike Smith of Berkadia’s Los Angeles office—who previously sold the property to Los Angeles-based TruAmerica Multifamily as part of a 14-property portfolio in 2015—once again completed the sale on their behalf. The buyer was Manchester Square 2, LLC, based in California, and the deal closed on October 31.
“As San Pedro continues to undergo a renaissance of new development and growth, properties like Bayridge will continue to be a hot commodity. The buyer was drawn to the property’s coastal location and long-term potential,” said Fisher.
Located at 1099 W. Capital Drive, Bayridge features 60 units with studio, one- and two-bedroom floor plans offering quartz counters, stainless steel appliances, central air conditioning and heating and balconies or patios. The property also features a pool and spa, a community barbeque, a dog park and on-site laundry. Bayridge is blocks from an elementary school, a park and upscale shopping, and affords convenient access to Interstate 110 and nearby shopping.