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1/10/17
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A Westchester, CA-based private investor paid $9.7 mil for Ocean Plaza, a 44-unit ($220.5k/unit) apartment property within the East Village Arts District of Downtown Long Beach. The property was sold by Santa Monica-based Joda Investments.
Built in 1956 and located at 633 E. 1st St on just over one-half acre, the property consists of three, two-story buildings with a pool in its center courtyard. It features a mix of 18 one-bedroom units and 26 studio units. The property recently underwent light renovations, including remodeled kitchens.
Ocean Plaza Apartments is just one block from Ocean Blvd, within the East Village Arts District, one of the hottest areas of Downtown Long Beach. This area is undergoing a growing demand for housing as it provides an eclectic mix of retail, dining, entertainment, and art.
Robert Stepp with Stepp Commercial represented both parties in the transaction. The property closed at a 4.2 percent cap rate. According to Stepp, the property provided room for the buyer to add value through future renovations and bringing rents to market rates.
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