A two-property apartment portfolio in Southern California has traded hands for $275 million. Prime Residential purchased the properties, which are located in Hermosa Beach, from an institutional owner.

The two assets are Playa Pacifica, a $285-unit property built in 1972 and renovated in 2015 and 2016, and The Gallery, a 169-unit property built in 1971 and renovated in 2003 and 2004. The properties sold for $162.5 million and $112.5 million respectively. At 454 units, the two assets represent nearly a quarter of the total apartment stock in the city and 70% of the like-kind apartment stock in Hermosa Beach and Manhattan Beach.

Playa Pacifica has eight floor plans with studio, one- and two-bedroom units, all of which feature stainless steel appliances, quartz countertops and in-unit washer and dryers. The Gallery has four floor plans with studios, one-bedroom, one-bedroom-plus-loft and two-bedroom units. They have hardwood flooring, granite countertops, walk-in closets and crown moldings. Both properties are a mile from the Hermosa Beach Pier, and located near job centers, entertainment and shopping venues.