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4/28/15
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In a recent apartment comp from Long Beach, a 24-unit property sold for $2.8 mil, or $117k per unit. The property is located at 138 Elm Ave, within the East Village Arts District in the city’s downtown.
Built in 1914, the property is well-located one block from Long Beach Blvd, which offers public transportation access. Additionally, it is situated within the East Village Arts District – the eastern half of Downtown Long Beach – which is one of the hottest areas of the city. The neighborhood has been undergoing a growing demand for housing as it provides an eclectic mix of retail, dining, entertainment, and art.
Robert Stepp with Stepp Commercial represented the buyer, Pacific Palisades-based Keely Partners LP, as well as the seller, a private investor from Long Beach. The property closed at a 5.4 percent cap rate.
“Keely Partners is embarking on a major renovation of this property in order to transform it into a very cool, art-deco style building with a rooftop deck,” said Stepp. “Once renovated, this asset will be poised to take advantage of the up-and-coming East Village Arts District and will appeal to the young professionals seeking a hip, urban living environment.”
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