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August 26, 2019
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Long Beach Multifamily Value-Add Opportunity Goes for $72 Mil


Friendly Franchisees Corporation paid $72 mil for The Landing at Long Beach, a 206-unit ($350k/unit) property in Long Beach. The asset, located at 1613 Ximeno Ave, was sold by Western National Realty Fund II L.P., an investment fund managed by Western National Group.

The Landing at Long Beach is centrally located between the major employment hubs of Los Angeles and Orange County, with a combined total of over 5.5 million jobs. The property affords convenient access to California State University Long Beach and is situated within three miles of more than 3.5 msf of retail.

The acquisition is viewed as a value-add opportunity. The new owner plans on investing approximately $28k per unit for a complete major-renovation, bringing the property to best-in-class for its Long Beach submarket.

Joe Leon, Jim Fisher, Mike Smith, Kevin Larimer and Greg Gonzalez with Berkadia represented the seller in the transaction. The deal closed on January 31.

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