Torrance trade prices vintage multifamily at $350K a unit

CBRE has brokered the $21 million sale of Tournament Patio Apartments, a 60-unit garden-style community at 4111 West 239th Street in Torrance, to Good Capital Group, according to Connect CRE. At $350,000 a unit — roughly $342 a square foot on the property's 1,023-square-foot average unit size — it is a defensible data point for a 1963 garden product in the South Bay submarket of Los Angeles County, one that prices the land and the location more than the existing fixtures.

The seller was the JS Bower Foundation, with CBRE's Derrek Ostrzyzek, Anna Kampling, Rachel Parsons, Kenji Thomas and Mike Murphy on the assignment, and the two-story complex sits on 1.76 acres, mixing studios with two- and three-bedroom units around a pool and courtyard. Built in 1963, it is the kind of garden shell a value-add buyer can reposition through updated interiors, added amenities, or both, and Good Capital Group is likely underwriting exactly that renovation upside rather than paying a premium for fully renovated product.

At $350,000 a door, the trade prices structure and location, not finishes — the two-tier market where renovated cash flow commands a premium and vintage assets trade on their bones. CBRE Research puts Los Angeles multifamily occupancy at 95.3% in the first quarter of 2026, a level that has historically given owners room to push rents, and for Good Capital Group the math depends on the refresh: the basis leaves room to add value, but the renovation has to work because market-wide appreciation is no longer there to bail out the underwriting.

The sale joins a Brooklyn loft building trading 24% below its 2016 price, another data point in the per-door reset: a 51-unit East Williamsburg property went for $30 million, and a 60-unit Torrance garden asset goes for $21 million. In both markets, buyers are paying for current cash flow and concrete upside, leaving the prior cycle's gains behind — pricing has reset to today's earning power, and the seller's prior hopes are no longer part of the math.

For lenders and appraisers, the Torrance number does the work: a foundation seller, a private buyer, and a 1963 garden complex with a pool make this the middle of the market, and the per-door price is now the figure appraisers can defend. Owners of similar vintage assets get a reference point for an exit, and buyers get a number to underwrite against. The real test is whether Good Capital Group's renovation plan can produce rents that justify the basis — if it does, the comp could push more garden-shell inventory onto the market; if it doesn't, the next seller will have to accept a bigger discount.