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10/06/17
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Two multifamily portfolios in Long Beach sold in separate transactions totaling $17.4 mil. The first portfolio comprises 45 units and is located on East Wardlow Road. The second portfolio comprises 52 units along Chestnut Ave in downtown Long Beach.
“These portfolio transactions exemplify the high level of interest investors have in Long Beach,” said Matt Kipp, with Marcu & Millichap. “It is one of the most affordable coastal submarkets in Los Angeles County and offers more value-add opportunities than other beach cities. The East Wardlow Road portfolio had been owned for over 50 years by the original developer. New ownership plans to implement an extensive interior and exterior renovation program to unlock additional value.”
Kipp, along with M&M colleague Tyler Leeson, represented the seller in both transactions and procured the buyer for the East Wardlow Road portfolio sale.
The Chestnut Avenue portfolio properties were built in 1922 and 1927, and are within a few blocks of the $520 mil Long Beach Civic Center Project, a massive development project that will include a new city hall, library, retail market and public park.
The East Wardlow Road portfolio was built in 1965 and sits within the historic California Heights neighborhood of the city. The Long Beach Airport, a Walmart Supercenter and Lakewood Golf Course are all within three miles of the properties.
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