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11/17/20
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Santa Monica-based VMG Properties paid $14 mil for a portfolio of seven multifamily assets in Long Beach totaling 60 units ($233.3k/unit). The properties were sold by a local private investor who had owned the assets since the 1980s.
Robert Stepp and Todd Hawke of Stepp Commercial represented both parties in the transaction. According to Stepp, the seller was a long-time owner of the assets and decided to dispose of the portfolio in order to pursue a 1031 exchange into a single apartment property in Tampa. Stepp noted that as current and proposed California legislation makes apartment ownership more challenging, a number of local investors are looking to acquire assets in more business- and tax-friendly states such as Florida.
“The new owner of this portfolio is planning to add value by making updates to the unit interiors as well as exterior upgrades,” said Hawke. “Long Beach continues to be an attractive place for young professionals to live as it provides nearby coastal access as well as an impressive number of retail, dining, and entertainment amenities.”
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