T
he recent sale of an apartment complex in Torrance, California, for $71.5 million to Japan-based Koto Estate Company reflects the strength of the South Bay city's multifamily market. The property, previously known as Rolling Hills Apartment Homes, was remodeled and rebranded as The Highlands, offering studio, one-, two-, and three-bedroom units. The purchase price equates to $590,900 per unit, significantly higher than the previous sale in 2022 for $49.5 million or $462,850 per unit. The new amenities include in-unit washers and dryers, stainless steel appliances, private patios, and a pool. Monthly rents for available units range from $3,300 to $4,500 according to rental listing site Apartments.com. The sale figures demonstrate higher-than-average price per unit compared to the broader South Bay market during the second quarter, as per data from Colliers International. The average price per unit for South Bay multifamility properties sold year-to-date as of the second quarter is $316,000, up from $274,000 in the first quarter, as per Colliers International.