|
|
2/17/15
|
Bixby Park Apartments, a 40-unit property in the Bixby Knolls area of Long Beach, traded hands in a recent $6.625 mil ($165.6k/unit) deal. The property covers 1.5 acres at 1132 San Antonio Dr. and 4481 Orange Ave, south of Del Amo Blvd and east of the 710 Fwy.
Bixby Park is comprised of 10 buildings and consists of 12 two-bedroom/one-bathroom units (826 sf) and 28 one-bedroom/one-bathroom units (624 sf). Amenities include an open garden courtyard, two laundry facilities, 32 garages and ample street parking.
Robert Stepp, principal with Stepp Commercial, represented the sellers, Pathfinder Partners and Ryanik, based in Los Angeles and San Diego respectively. Stepp also represented the buyer, a Westchester-based private investor. The property closed at a 5.2 percent cap rate.
“Bixby Park Apartments is one of the largest multifamily properties in Long Beach that has closed over the past six months and is truly a unique asset that takes up an entire city block,” said Stepp. “The seller acquired the property in 2012 as a distressed, real-estate owned asset, invested approximately $800k in capital improvements and was able to make a strong return on investment.”
Stepp added that Bixby Park garnered 12 offers and sold at list price. The buyer plans to make additional cosmetic upgrades to the exteriors and interior units in order to add value for securing market rents.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
