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December 12, 2018
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Private Investor Closes Multifamily Purchase in Long Beach


In a recent multifamily comp from Long Beach, an unnamed private trust paid $6.2 mil for a 21-unit ($295k/unit) apartment property in the city’s Alamitos Beach submarket. The deal closed at a 3.3% cap rate.

Built in 1963, the two-story building is located at 1129 E. Ocean Blvd and consists of 13 one-bedroom and eight two-bedroom units. The apartments feature bright and open floor plans, upgraded kitchens with granite counters, laminate hardwood and ceramic flooring, upgraded bathrooms, and ceiling fans. The property was 100% occupied at time of closing.

Robert Stepp and Todd Hawke with Stepp Commercial represented both the buyer and the seller, also a private trust.

“Ocean Boulevard is a primary corridor through Long Beach, running parallel to the beaches and connecting neighborhoods from the Peninsula to Downtown,” said Stepp. “Assets of this quality on a major thoroughfare near prime lifestyle amenities are favored by Long Beach investors for their long-term stability and consistent cash flows. This property offered a value-add opportunity requiring cosmetic upgrades which upon completing will allow the buyer to increase rents to market rates.”

The Alamitos Beach submarket is a prime location within the southern portion of Long Beach, with access to many of the city’s top retail and lifestyle districts including the East Village and Downtown. The area is home to a public beach, Bixby Park and Bluff Park, as well as the Long Beach bicycle path, which starts at Shoreline Village and ends in the Belmont Shore neighborhood.

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