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4/12/16
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A three-property, 108-unit apartment portfolio in Long Beach was acquired by two buyers in separate transactions totaling $17.3 mil ($160.2k/unit). The buyers plan to renovate and upgrade the properties in order to bring rents up to market rates.
The properties were sold by Long Beach-based Northport Realty. The seller was exchanging into a larger multifamily asset.
Robert Stepp of Stepp Commercial and Bob McCabe from Real Estate Solutions represented Northport Realty as well as the two separate buyers.
Following is information on the individual properties:
• 1200-1260 E. 52nd Street in the North Long Beach submarket includes 44 units within six buildings and was sold for $7.175 mil ($163k per unit) at a cap rate of 6.24 percent. Built in 1959, the property includes 38 two-bedroom units, three three-bedroom units, two four-bedroom units, and one three-bedroom single family home. Situated on 1.39 acres, it features a controlled access entry, a landscaped central courtyard, on-site laundry, and 18 private garages as well as additional carport parking. The buyer was a Westchester-based private investor.
• 1870-1890 Harbor Avenue and 1336 W. 19th Street in the Westside/Harbor submarket includes 36 units within four buildings and was sold for $5.745 mil ($159.6k per unit) at a cap rate of 5.64 percent. Built in 1962, the property includes five one-bedroom units, and 31 two-bedroom units. The property features controlled access entry, a landscaped central courtyard, on-site laundry, and 24 private garages. The buyer was Torrance-based SBG REC LLC.
• 1153-1161 Magnolia Avenue in the Wilmore Historic submarket includes 28 units within two buildings and was sold for $4.374 mil ($156.2k per unit) at a cap rate of 5.61 percent. Built in 1963, the property includes 14 one-bedroom units, and 14 two-bedroom units. The property features controlled access entry, a central courtyard, on-site laundry, and 14 private garages. The buyer for this property was also SBG REC LLC.
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