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4/22/15
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A 20-unit apartment property within the East Village Arts District in Downtown Long Beach sold for $2.53 mil, or $126.5k/unit. The property is located at 425 Lime Ave, south of 6th St between Atlantic and Alamitos Aves.
Built in 1973, 425 Lime Avenue features 15 one-bedroom units and five studio units. The majority of the units offer balconies or patios.
The East Village Arts District is the name of the eastern half of Downtown Long Beach and is one of the hottest areas in the city. This district is undergoing a growing demand for housing as it provides an eclectic mix of retail, dining, entertainment, and art. The property will also see the long-term benefit of being near The Current at Shoreline Gateway, a 17-story mixed-use project that will include 223-apartment units and retail, which is also within the East Village and is set to open in early 2016.
Robert Stepp, principal, and Michael Toveg, vice president, with Stepp Commercial, represented the buyer, NNC Apartment Venture LLC from Long Beach, as well as the seller, a private investor from Palos Verdes. The property closed at a 5.88 percent cap rate.
According to Stepp, the buyer is an owner and operator of more than $500 mil in multifamily properties nationally, who was willing to assume a loan on the property slightly higher than current rates. The buyer, who was attracted to the building due to its East Village Arts District location, plans on a full renovation and repositioning of the property in the coming months.
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