Highridge Apartments

Jones Lang LaSalle Americas, Inc., as exclusive advisor, is pleased to present the offering of Highridge Apartments (“Highridge” or the “Property”), an irreplaceable 257-unit multi-housing community located in the coveted coastal community of Rancho Palos Verdes. Highridge presents a rare opportunity to own a one-of-one asset with significant upside, with in-place rents currently representing a ±20% ($665/u) discount to nearby renovated product in Rancho Palos Verdes, a city that has not seen any new supply since the 80’s. Historically Highridge is 255 units, but current ownership is in the process of delivering two ADUs that will bring the total unit count to 257 units.

Highridge is one of only three 100+ unit communities in Rancho Palos Verdes: one of the highest barriers to entry cities in Los Angeles County, which accounted for less than a half of a percent of transaction volume across Los Angeles County over the past two decades. The Property has a track record of outperformance fueled by insatiable renter demand, averaging over 96% physical occupancy for the past 24 consecutive months, in-line with the asset’s long-term average of 97% occupancy (2021-Current). Highridge has been institutionally owned and meticulously maintained, with major deferred maintenance addressed and in-unit washer & dryer already in-place. Today, the asset is ripe for a full interior and exterior renovation to capitalize on the affluent demographics of Rancho Palos Verdes, where average household income of $236k annually reflects only 17% rent-to-income ratio on in-place rents at the Property. Highridge is optimally located within the community of Rancho Palos Verdes, with its street scape along Highridge Road serviced by the PVPTA Blue Bus line, placing residents minutes from the immaculate pacific coast or the ±1M SF of top-tier shopping and entertainment options within a 1-mile radius. By car, Highridge is a short commute to the bustling employment centers of Torrance and El Segundo, home to a plethora of Fortune 500 technology, aerospace, and entertainment employers.

Few opportunities of scale ever arise in coastal Southern California, and nearly none in Rancho Palos Verdes. Highridge presents a truly generational opportunity to acquire a turnkey asset with incredible upside.