Gerding Edlen Aquires Property in Redondo Beach, California
Aug 29, 2011
PORTLAND, OR – Gerding Edlen announced today the acquisition of a multi-family residential property located at 616 Esplanade in Redondo Beach, California, purchased for its fund, Gerding Edlen Green Cities I, LP. The 105-unit property will benefit from capital improvements including landscaping, interior unit upgrades and the incorporation of highly sustainable and energy efficient upgrades.
Once completed, the capital enhancements will distinguish the property within the South Bay market by emphasizing sustainability and community in accordance with the Gerding Edlen mission that centers on people, planet and prosperity. These attributes, resulting from green building strategies and a genuine approach to creating great places to live, exemplify Gerding Edlen's corporate philosophy, "Principles of Place."
Gerding Edlen Management, a division within Gerding Edlen, and known for its innovative and targeted approach to building community, will manage the property. Engaging a comprehensive resident-oriented approach that utilizes innovative communication technologies, Gerding Edlen Management encourages the use of sustainable products, supports a comprehensive sustainable lifestyle, fosters resident and neighborhood interaction and facilitates reduced water and energy use at the property.
"This property represents a project where Gerding Edlen can develop outstanding real estate performance that supports the environment, encourages sustainability and delivers a quality experience and lifestyle for residents," states Kelly Saito, President, Gerding Edlen.
Redondo Beach is a vibrant community in South Bay, Los Angeles. Reinforcing Gerding Edlen's concept of 20-minute living, the property at 616 Esplanade overlooks the Pacific Ocean and is within walking distance of the beach and neighborhood retail stores and restaurants. The property is within close proximity to the cities of Hermosa Beach El Segundo and Palos Verdes.
Gerding Edlen Investment Management, another division within Gerding Edlen, led the acquisition.
Gerding Edlen is a leading real estate investment, development and asset and property management firm recognized for its expertise in creating and owning highly sustainable, urban infill, office, residential and mixed-use properties. Founded in 1996, the firm engages a socially responsible approach to real estate by cultivating properties that strengthen communities, minimize impact on the environment and add profound value to residents and tenants. Gerding Edlen’s efforts are guided by a set of criteria, known as the Principles of Place, where community plays a pivotal role alongside design, technology and sustainability in the success of their properties. Gerding Edlen’s development entity is a recognized national leader of sustainable development, which includes more than 75 LEED certified or certified pending properties.