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2/16/17
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A two-property, 36-unit apartment portfolio adjacent to downtown in Long Beach has sold for $6.15 mil, or $171k/unit.
The properties are both two-story and were built in 1964 and renovated in 2009. One of the properties, 1121 Daisy Ave, includes 12 one- and two-bedroom units. The other property, 1164 – 1170 Daisy Ave, includes 24 one-and two-bedroom units. The occupancy of the portfolio was 97 percent upon close of escrow.
Robert Stepp with Stepp Commercial represented the seller, a Los Angeles-based private investor, as well as the buyer, a Los Angeles-based joint venture between MOR Real Estate LLC and Lewis LLC. The transaction closed at a 4.2 percent cap rate.
“The buyer is planning on renovating the assets over the next several months,” said Stepp. “As it stands now, the current rents are about 14 percent below market value, with some common area improvements made, the upside potential will be even more attractive for the new ownership.”
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