IDEAL Capital Group is proud to announce the sale of Elements 616 Apartments in Redondo Beach for $74,500,000.

IDEAL Capital Group has announced the sale of the Elements 616 Apartments in Redondo Beach for $74.5 million.

The Clovis-based real estate investment group purchased the 105-unit apartments — originally called Novella — in 2019 for $53.5 million.

IDEAL acquired Elements 616 due to the property’s unparalleled Southern California beachfront location, where residents are mere steps to the beach, according to a news release. Located in the South Bay, residents have access to world class employment such as the American headquarters for Honda, as well as key divisions or headquarters for Raytheon, Lockheed Martin, Computer Sciences Corporation, Boeing, Chevron, British Petroleum, Mattel, Northrop Grumman, and Xerox and many others. Additionally, Silicon Beach to the north offers some of the nation’s most sought-after jobs in places such as Facebook and Google.

At the time of acquisition, Elements 616 was 10% occupied and required a major renovation overhaul. IDEAL renovated all 105 units, reconfigured the pool area with water features, grills and firepits, refurbished the gym, added pocket seating throughout the property, created a surfboard washing station and more.

“Elements 616 sits on the coast of the ultra-high barrier to entry beach city of Redondo, where the average home value is well north of $2.2M,” says Kevin Conway, managing director of IDEAL Capital Group. “The Property was purchased at a substantial discount to replacement cost. By renovating and upgrading Elements, our team was able to materially increase the property income and create tremendous value for our investors.”

CBRE represented the buyer, a private individual, and IDEAL.