LOS ANGELES--(BUSINESS WIRE)--CityView, an investment management and development firm focused on urban multifamily real estate in the Western and Southwestern United States, announced today it has sold its Solimar apartment community, the final property from CityView Los Angeles Fund I, to a private investor for $75 million. In total, the fund built or renovated over 2,500 housing units in 21 projects in the greater Los Angeles area.
Located on Pacific Coast Highway in the heart of Los Angeles’ South Bay, the development of this 204-unit apartment community significantly upgraded the area by replacing two used car lots. The eight acre site is adjacent to the Harbor Park Municipal Golf Course and the Ken Malloy Harbor Regional Park, where a $90 million renovation is nearing completion. Residents of the project have easy access to jobs at a nearby hospital, college, in addition to the bustling Port of Los Angeles.
“I am pleased that this dynamic project capped the successful completion of the Los Angeles Fund portfolio,” said Sean Burton, chief executive officer of CityView. “I am proud of CityView’s track record of providing its investors with solid returns by investing in and developing multifamily properties in urban areas that provide residents with easy access to local jobs, transportation and entertainment.”
CityView is a premier developer and investment management firm focused on urban residential real estate in the Western and Southwestern United States. CityView targets multifamily housing ventures in metropolitan markets which are often overlooked due to the complexity of the transaction and other development challenges. At the center of the firm’s success is its strong professional team which possesses unparalleled expertise in real estate, development, operations and finance. CityView’s investors include some of the largest and most sophisticated public pension plans and financial institutions in the country.
CityView was founded in 2003 and is headquartered in Los Angeles and has a second office in San Francisco. For more information, please see www.cityview.com.