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7/26/16
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Patio Garden Apartments, a 127-unit apartment community in Long Beach, sold for $35.3 mil, which equates to about $278k/unit. The property is located 4874 East Los Coyotes Diagonal in the Long Beach Traffic Circle neighborhood, which is less than two miles from California State University, Long Beach.
Built in 1958, Patio Gardens Apartments consists of 19 buildings on 5.87 acres. Community amenities include a fitness center, laundry facilities and garage parking. Apartment units feature spacious floorplans and 80 percent of units have large outdoor patios or backyards.
Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone with IPA represented the seller in the transaction. Robert Stepp with Stepp Commercial represented the buyer, Long Beach-based Jaison Robinson, who was in a complicated 1031 exchange. Stepp also represented Jaison Robinson in the downleg of his 1031 exchange sale that consisted of the sale of ten individual Long Beach apartment properties totaling 196 units and valued at approximately $34.7 mil.
“Long Beach is experiencing a strong wave of economic development, which should bolster the labor market and local economy for years,” says Greg Harris, IPA executive director. “These strong fundamentals would support the new owner elevating the existing interior renovation program and implementing an upgrade program for the asset’s common and exterior areas as means to unlocking significant value.”
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