Newmark arranged the $18.3-million sale of Del Amo Village, a multifamily development site located in Torrance, within Los Angeles County’s South Bay submarket. Situated on 2.8 acres, the development plan for Del Amo Village includes entitlements for 200 market-rate units. Co-head U.S capital markets Kevin Shannon and executive managing director Ken White along with senior managing directors Chris Benton and Michael Moore as well as managing director Anthony Muhlstein represented the sellers PCCP, LaCaze Muller Company and Bentall GreenOak in this transaction while Legacy Partners acted as buyer .
Benton commented that “Del Amo Village presented investors with an extraordinary opportunity to execute a new development strategy in one of the South Bay’s most supply-constrained submarkets.” He further added that “There has not been multifamily development of this scale and quality in the South Bay area over past 30 years; thus it is no surprise that current demand for housing saw high investor interest towards Del Amo village.”
