With interest rates and construction costs remaining stubbornly high, developer CGI+ has unloaded an entitled development site in West Carson to JPI for $40 million, the company announced this week.

The project at 22107-22133 S. Vermont Avenue, slated to replace a warehouse complex, was approved in 2022 for redevelopment with a six-story, 525-unit apartment complex. The density bonus development is to include 34 apartments to be reserved for households earning up to 30 percent of the area median income level, and is billed as the largest individual multifamily project ever in the surrounding area.

Rooftop deck at 22107-22133 S. Vermont AvenueAC Martin

“We were able to generate attractive returns on the sale of the land while still leaving plenty of runway for the buyer,” said CGI+ founder and chief executive officer Gidi Cohen. "As a leading multifamily development firm, JPI will be able to leverage their unique set of skills and economies of scale to see this well-conceived project through to the finish line, while at the same time we build our portfolio through the acquisition of value-add, market-rate and low-income housing in Southern California and select markets in Southeast United States. 

AC Martin is designing the project, which would include studio, one-, two-, and three-bedroom apartments, as well as amenities such as courtyard, playgrounds, and 28,000-square-foot amenity deck atop its eight-story parking podium. Within the large space, plans call for a pool, a coffee shop, a clubhouse, a gym, and a pickleball court.

Chris Gomez-Ortigoza and Tim Barden of The Land Advisors Organization marketed the fully entitled development site on behalf of CGI+. 

22107-22133 S Vermont AvenueGoogle Maps

The project site falls within the West Carson TOD Specific Plan, which was adopted in 2019 to guide the development of new housing and commercial uses in the unincorporated community. It also sits a short distance south of Harbor-UCLA Medical Center, which is in the midst of a $1.8-billion revamp.

JPI, which is based out of Texas, is also developing large apartment complexes in Long Beach, Inglewood, and Monrovia.

Follow us on social media: 

Twitter / Facebook / LinkedIn / Threads / Instagram / Bluesky