Newmark facilitates the sale of a multi-family development site in the Hawthorne neighborhood of South Bay
Newmark 1 announces that it has completed the sale of Millennium Gardena, a full-fledged development site planned for 262 multi-family units and located at 12850 Crenshaw Boulevard in the South Bay neighborhood of Hawthorne, California.
Chris Benton, Newmark’s Senior Managing Director, Anthony Muhlstein, Managing Director, Kevin Shannon, Co-Head of Capital Markets, and Ken White, Executive Managing Director, represented the seller, The Dinerstein Companies. The buyer was a joint venture between Cityview and Stockbridge.
The sustainability-focused multi-family building planned for the site will be called South Bay X and will feature a mix of bachelor, one- and two-bedroom units ranging from 510 to 1,197 square feet. It is expected to start during the fourth quarter of 2022 with an expected delivery in early 2025. Sustainable features planned for the building include LEED Silver certification, high performance lighting, improved indoor air quality and a solar thermal system. powered by renewable energy. water heating system. Building amenities will include a state-of-the-art fitness center, resort-style swimming pool, spa, lanai, outdoor weight area, barbecue grills and outdoor courtyards.
“South Bay is an undersupplied, multi-family market adjacent to some of LA’s biggest tech companies,” Benton said. “With extremely strong multifamily market fundamentals across the region, the buyer’s plan to build sustainable, market-priced homes will be well received.”
Muhlstein added, “Millennium Gardena will be a great addition to an underserved apartment market with top local employers such as Ring and SpaceX.”
Millennium Gardena’s location in the fast-growing South Bay neighborhood provides convenient access to the area’s diverse mix of technology, aerospace and e-commerce employers, including Tesla, SpaceX and Ring, just a stone’s throw away. side of the property. The site is less than a mile from Interstate 105 and just five miles from Interstates 405 and 110. The transit-oriented location is two blocks from the LA Metro Green Line and less than five miles from Los Angeles International Airport (LAX).
“Major global technology, aerospace, automotive and e-commerce companies are relocating to this South Bay community, making it the perfect time for Cityview and Stockbridge to implement our shared vision to bring new jobs and to build quality, quality labor-based housing at market price. this undersupplied market,” Cityview CEO Sean Burton said in a prepared statement. “We both look forward to being part of the revitalization efforts taking place in this area and to providing more sustainable living options for our residents.
U.S. multifamily investment sales volume hit an all-time high of $148.9 billion during the fourth quarter of 2021, according to Newmark Research. Annual sales volume hit a record high of $335.3 billion, a year-on-year increase of 128.2%. Investment as a percentage of the entire U.S. commercial real estate market rose to 41.5% in 2021, the highest allocation ever to multifamily real estate. Absorption jumped to 673,478 units in 2021, far exceeding new supply of 358,734 units. Strong demand over the past 12 months in Los Angeles, New York and Washington, DC is an encouraging sign of momentum in major markets with limited supply.
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