IRVINE, Calif. (May 26, 2022) – MBK Rental Living announces the sale of Evolve South Bay, a 300-unit new Class A apartment community in Carson, California, to MG Properties. The third multifamily transaction between the two companies, the sale presented unparalleled upside in the rapidly expanding Carson neighborhood just south of downtown Los Angeles. The lease up during the pandemic was completed in 12 months.
Opened in September 2020, the 11.9-acre luxury apartment community consists of three-story stacked flats with 11 spacious floor plans. The one-, two- and three-bedroom residences range from 735 to 1,325 square feet. Evolve South Bay’s long list of amenities include a two-story clubhouse with entertainers kitchen and California room overlooking the Porsche Experience Center; a resort-style pool and spa with cabanas, a barbecue area, outdoor fireplaces, an outdoor media lounge and social lounge; and a state-of-the-art fitness studio, yoga room, and outdoor fitness equipment with a running track. Residents also enjoy a playground, cornhole court, community dog park, and second-story co-working space that includes private offices and conference rooms.
Conveniently located at 285 E. Del Amo Blvd. in Carson, the thoughtfully designed property offers the fusion of an urban, fast-paced Los Angeles lifestyle in a sophisticated California South Bay community. Residents can easily access I-405, I-110 and I-710, Los Angeles International Airport and Long Beach Airport, as well as nearby neighborhoods that include Torrance, Gardena, Long Beach, and Redondo Beach. Immediately north of the community is the Porsche Experience Center, a 52-acre complex that is home to Porsche North America and includes a road course, restaurant and other performance facilities.
“The oasis-like attraction that is Evolve South Bay’s mix of high-end design and lifestyle-enriching amenities was certainly borne out by its leasing velocity and rent growth, which then attracted high-level investors like MG Properties,” said Ken McCarren, President of MBK Rental Living. “This marks the third significant transaction within the last two and a half years between MG and MBK Rental Living in Southern California following last fall’s sale of Artesa at Menifee Town Center in Menifee. By utilizing creative mediums including drone tours, virtual property and unit tours and digital marketing, the results proved positive, even in turbulent times. The Los Angeles County market continues to be a market that investors want to be in long term due to its tremendous market fundamentals.”
“Always of critical importance in L.A. County, housing has gone to another level with the pandemic as residents need and expect more. Evolve South Bay supplies those things in a special way,” said MG Properties Managing Director Jeff Gleiberman. “We are pleased to own such a quality asset, knowing both the market dynamics and MBK’s strong track record of developing well-designed, high-quality product that is very well-received by residents.”
McCarren added, “The strong pace of lease-up at Evolve South Bay despite the pandemic was especially satisfying and confirmed our vision and execution in bringing a new level of quality homes with garages to the Carson market along with remarkable amenities. From development to the delivery and to the residents’ embrace of the community, Evolve South Bay is well-positioned for continued success and growth.”
Financing was provided by Freddie Mac and arranged by Brian Eisendrath and Cameron Chalfant of Institutional Property Advisors.
MG Properties continues to expand its Southern California presence with Evolve South Bay marking the company’s 15th property in the region. The San Diego-based company has purchased 20 communities overall in the last year, totaling over $2 billion in combined value. The company is targeting further acquisitions in California, Washington, Oregon, Arizona, Nevada, Utah, Colorado and Texas.
About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world’s largest conglomerates. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.
About MG Properties
MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. Today, MG Properties manages over 27,000 apartment homes in over 95 communities in high-growth cities in California, Arizona, Nevada, Washington, Colorado, and Oregon. The company’s apartment portfolio has a total market value of over $9 billion. For additional information, visit www.mgproperties.com.
