CGI+ Sells Multifamily Development Site in Los Angeles' South Bay to JPI for $40 Million
The Californer/10318395

TORRANCE, Calif. - Californer -- CGI+ Real Estate Strategies has sold a shovel-ready, 4.86-acre multifamily development site in Torrance, CA to JPI for $40 million.

CGI+, a Los Angeles-based multifamily investment firm, acquired the property adjacent to The Harbor-UCLA Medical Center at S. Vermont Avenue near 220th Street in 2022.  After receiving entitlements for a six-story, 525-unit residential building -- 34 reserved for households making less than 30% of the Area Median Income -- CGI+ planned to begin construction in 2023 on what would have been the largest multifamily community ever developed within Los Angeles's 17-square mile South Bay submarket.   However, rising interest rates and dramatic increases in labor and construction costs delayed the start of construction, according to CGI+ Founder and CEO Gidi Cohen.

"We were able to generate attractive returns on the sale of the land while still leaving plenty of runway for the buyer," said Cohen.  As a leading multifamily development firm, JPI will be able to leverage their unique set of skills and economies of scale to see this well-conceived project through to the finish line, while at the same time we build our portfolio through the acquisition of value-add, market-rate and low-income housing in Southern California and select markets in Southeast United States.

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Designed by AC Martin, the planned development will offer floorplans ranging from studio to three-bedroom apartment homes.  Residences will be connected by a series of walking paths leading to four distinct and separate micro-environments offering such amenities as outdoor workspaces, barbecue and dining areas, spa, children's playground, pet park and fire pits. A 28,000-square-foot "aerial central park" on top of the project's eight-story garage will offer 360-degree views from the Pacific Ocean to downtown Los Angeles.   The roof-top park will feature a resort-style pool, coffee shop, clubhouse, indoor/outdoor gym, pickleball court, and outdoor lounge spaces.

The development project is located within the City of Los Angeles' West Carson Transit Oriented District Specific Plan ("The Plan"), which was adopted in October 2019.  The Plan calls for the addition of more than 3,500 new residential units and 4.6 million square feet of new commercial space in an effort to create a "more livable, accessible and sustainable community."

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The Land Advisors Organization team of Chris Gomez-Ortigoza and Tim Barden marketed the fully entitled development site on behalf of CGI+.

About CGI+ Real Estate Investment Strategies

CGI+ Real Estate Investment Strategies (http://www.cgiplus.com) is a Los Angeles-based multifamily investment firm. Our portfolio of multifamily and mixed-use assets is located primarily in Los Angeles, Atlanta and Florida.