Landmark Torrance apartment building sells for nearly $40 million

By Nick Green | Daily Breeze

Torrance >> A landmark 248-unit apartment building on Anza Avenue that was once the epicenter of the 1960s Southern California “swinging singles” scene that attracted national media attention has sold for $37.8 million.

The Milano Apartments complex, originally built as the South Bay Club, was acquired by M West Holdings, a Sherman Oaks-based company that has significantly expanded its commercial and multifamily residential portfolios in Southern California in recent years. Wells Fargo, which touts itself as the nation’s leading commercial real estate lender, provided a loan for the entire purchase amount, spokesman Darryl Ryan said.

The South Bay Club was built in 1964 during the height of the city’s growth boom, when more than 110,000 people moved to Torrance in a 15-year span ending in 1965, according to a 1960s-era League of Women Voters profile of the city.

Originally restricted to singles only in days before housing discrimination laws, the amenities included three tennis courts with a pro shop and a resident coach, gymnasium, two swimming pools as well as volleyball and basketball courts, according to a post on South Bay Yesterday, the Daily Breeze’s local history blog. Articles about the complex were published in Time and Parade magazines at the time.

The apartment complex was upgraded in 2008 in the wake of its 2007 purchase by San Diego-based Fairfield Residential for $56 million, property records show.

Matthew Ellis, senior vice president with the Acquisition & Capital Markets group at M West Holding, did not return repeated calls seeking comment.

But the company has said its strategy is to acquire multiunit properties in Southern California located in “stable, in-fill markets.”

The company targets “historically underperforming, underappreciated, poorly operated assets,” according to its website.

The Milano Apartments has a mix of studio and one-, two- and three-bedroom units. It is 95 percent occupied.

http://www.dailybreeze.com/business/20140208/landmark-torrance-apartment-building-sells-for-nearly-40-million

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