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6/06/16
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A two-property, 15-unit apartment portfolio in the Alamitos Beach submarket of Long Beach recently traded hands for $3 mil, or $200k/unit. It was acquired by Orange County-based RyaNik Boca River Holdings LLC in an off-market transaction.
The trade included a nine-unit property at 1744 E. 2nd St that sold for $1.525 mil ($169.4k/unit) and at a cap rate of 4.54 percent. Built in 1910, the property is comprised of seven one-bedroom units, and two studio units. It features on-site laundry and controlled access entry.
The other asset, a six-unit property at 1748 E. 2nd St, sold for $1.5 mil ($250k/unit) and at a cap rate of 4.39 percent. Built in 1921, the property is comprised of two one-bedroom units, and four two-bedroom units. It features on-site laundry and controlled access entry.
Robert Stepp and Michael Toveg of Stepp Commercial represented the buyer and the seller, Long Beach-based Beach Heights LLC.
“The properties are adjacent to each other and are on large lots just a few blocks from the beach,” said Stepp. “This portfolio was a unique opportunity for the buyer to acquire two value-add properties in Alamitos Beach, a hot, waterfront neighborhood that is centrally located and benefits from proximity to Retro Row, the beach, and Downtown Long Beach.”
Toveg added: “The buyer plans to reconfigure and renovate the units in order to bring them from rental grade to condo quality to meet the growing demand from residents seeking luxury apartments in Long Beach neighborhoods.”
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