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The Enclave Trades Hands for $61M

PARAMOUNT, CA—A joint venture between Bridge Investment Group Holdings and Starr Cos. buys the 306-unit apartment complex for $200,000 per unit.

By Kelsi Maree Borland | Updated on April 15, 2015

PARAMOUNT, CA—A joint venture between Bridge Investment Group Holdings and Starr Cos. has purchased the Enclave apartment complex from Kennedy Wilson for $61.1 million. The 306-unit multifamily property is the market leader in the Paramount, CA, submarket. The buyers plan to renovate the property so it can compete with market rents in the surrounding area.

“The property is the market leader in the submarket, but if you look outside of the immediate Paramount area, there are some projects that are consistently out performing,” Kevin Green, a director at Institutional Property Advisors, a division of Marcus and Millichap, tells GlobeSt.com. “The buyers felt like there was an opportunity to improve the asset and allow it to compete better with markets outside of Paramount, like Norwalk, Lakewood, Downey and Bellflower. Those are all higher rental level markets, and they felt like they could help bridge that gap by improving the property.” Green represented the seller in the transaction, along with EVPs Greg Harris and Ron Harris, directors Joseph Grabiec and Paul Darrow and associate director Michael DiSimone.  

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