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11/22/19
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Miramar Capital, out of Santa Monica, paid $14.95 mil for two apartment properties totaling 48 units ($311.5k/unit) in Long Beach. The properties are located at 425 Coronado Ave and 424 Obispo Ave, in the city’s Belmont Heights submarket.
The properties offer a mix of spacious two-bedroom, one-bedroom and studio units and feature a swimming pool in-between the two buildings for residents’ use. Additionally, the assets include 48 parking spaces.
Robert Stepp and Michael Toveg with Stepp Commercial represented the buyer in the transaction.
“This was a rare opportunity for our client to own two large-scale adjacent apartment assets in a prime Belmont Heights location,” said Stepp. “These properties were owned by the seller for 30 years and present a value-add play for the new ownership to renovate and update the unit interiors and exterior to secure a stronger rental income and favorable cash-flow.”
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