Vivo Investment Group, an El Segundo-based real estate firm, has acquired a motel in the South Bay with the intention of converting the building into a multifamily residential structure.
The L.A. Business Journal reported last month that the company, which operates as Vivo Living, acquired a former Days Inn motel located at 4111 Pacific Coast Highway in Torrance. The L-shaped property, which is developed with three low-rise structures completed in the early 1960s, will be converted into 108 apartments and rebranded as Vivo Torrance.
“Vivo aims to reduce traffic, waste and sprawl by carefully selecting each location to be in physical proximity to shopping, markets, entertainment and other necessities,” said Vivo Living founder and chief executive officer Dan Norville in a statement reported by the Business Journal. “We are reusing buildings versus building ground-up. Adaptive reuse is the most environmentally friendly way of developing; we are basically a building recycling company.”
Los Angeles County Assessor's records indicate that the property sold for $15.1 million on October 4.
Vivo, which converts underutilized hotels into apartments that offer more affordable rents than competing ground-up projects, may be based in El Segundo, but the bulk of its holdings are located out of state. Its portfolio includes former hotels located in Texas, Florida, South Carolina, and Arizona, among other states.
- Torrance (Urbanize LA)