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Cityview and Stockbridge pay $22m for South Bay site, plan 235-unit apartment complex

By February 9, 2022February 14th, 2022Site plan
12850 Crenshaw Boulevard with Terry Francher and Sol Raso of Stockbridge Capital and Sean Burton of Cityview (Kilograph, Stockbridge, Cityview)

Local multi-family investor Cityview and San Francisco-based Stockbridge Capital Partners have partnered to design an apartment complex in the South Bay.

The companies have purchased a site at 12850 Crenshaw Boulevard in Gardena that is fully entitled to a 235-unit complex, according to a joint announcement Monday.

Records show the duo bought the site for $22.3 million from Raven Construction. The property currently houses a 25,000 square foot warehouse, built in 1958. Cityview and Stockbridge plan to build a range of studio, one and two bedroom units, as well as a swimming pool, spa and gym .

Dubbed South Bay X, the complex is expected to be completed in early 2025, with construction beginning later this year.

The companies plan to bring “labour housing at market price”.

Labor housing is a term often used to describe apartments reserved for those earning between 60 and 120 percent of the region’s median income, usually in exchange for some form of public funding for the landlord.

The term ‘market rate labor housing’ suggests Cityview and Stockbridge will not use public funding, aiming to attract middle-class tenants without locking themselves into any restrictions on rental rates .

The proposed complex appears to be well-located in terms of local labor that can afford market rates – it’s about half a mile from SpaceX headquarters and Amazon’s Ring unit.

Not far away in nearby Hawthorne, Standard Communities and the California Statewide Communities Development Authority recently purchased a 230-unit complex at 12530 Crenshaw Boulevard for $140 million. The deal falls under a formal “workforce housing” structure, where Standard Communities will reduce rents at this apartment complex for qualified residents who earn between 80-120% of the area’s median income. .