Prime Residential Acquires Multifamily Property In Hermosa Beach For $275M

Prime Residential has acquired a multifamily property located at 415 Herondo Street in Hermosa Beach. The transaction, which took place on August 19, 2021, involved the sale of the property by Equity Residential, represented by Sam Zell. The seller's representatives were Kevin Green, Greg Harris, and Joseph Grabiec from Institutional Property Advisors, a division of Marcus & Millichap. The sale price for the property was $275,000,000, and it consists of 454 units, resulting in a per unit price of $605,726.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $275,000,000
• Address: 415 Herondo Street
• Market: Hermosa Beach
• Buyer: Prime Residential
• Seller: Equity Residential (Sam Zell)
• Seller's Representative: Kevin Green, Greg Harris, and Joseph Grabiec (Institutional Property Advisors - Marcus & Millichap)
• Units: 454
• Price Per Unit: $605,726

Notable individuals involved in the deal include Kevin Green, Greg Harris, Joseph Grabiec, and Sam Zell. Prime Residential acquired the property from Equity Residential, with the transaction facilitated by the seller's representatives from Institutional Property Advisors. This acquisition marks a significant investment in the Hermosa Beach multifamily market.