LOS ANGELES – July 9, 2019 – Berkadia announced today the $250 million in combined sales of six properties across the San Pedro-Long Beach, California area over the past ten months. Managing Director Jim Fisher and Senior Director Mike Smith of Berkadia’s Los Angeles office completed five of the six sales on behalf of their respective entities.
Most recently, Harbor Terrace, a 93-unit midrise multifamily property located at 441 W 3rd St. in San Pedro, California, sold for $20.8 million. Fisher and Smith completed the sale on behalf of the buyer, California-based M West Holdings, LLC. The seller was Ohio-based Klingbeil Capital Management, and the deal closed on June 21.
“The Port City renaissance continues with development leading the way,” said Fisher. “Harbor Terrace is a great value-add property that will enjoy the lift San Pedro gets from new projects like The Ratkovich Company’s San Pedro Public Market.”
“Harbor Terrace will complement M West’s 89-unit San Pedro Bank Lofts, located four blocks away, for which Berkadia arranged the sale last August,” said Smith. “It will be exciting to see both properties continue to thrive with the growing popularity of San Pedro amongst renters.”
Harbor Terrace features studio floorplans with walk-in closets, dishwashers and large patios or balconies. Community amenities include laundry facilities, high-speed internet access, a fitness center and a courtyard. Additionally, the location of the property affords convenient access to the shops and restaurants along W 6th Street, Interstate 110 and the Los Angeles Maritime Museum.