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December 18, 2018
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Multifamily Property in Long Beach Goes for $364k/Unit


Keely Partners paid $8 mil for Anaheim Road Apartments, a 22-unit ($364k/unit) apartment property in the Park Estates submarket of Long Beach. The transaction closed at a 3% cap rate.

Built in 1987, the two-story building is situated on an oversized lot at 5401 E. Anaheim Rd, just east of Pacific Coast Hwy. It consists of 22 two-bedroom/two-bathroom units. The property also features 42 subterranean parking spaces.

Robert Stepp and Michael Toveg of Stepp Commercial represented the buyer and the seller, a private trust.

“Park Estates is one of the most desirable residential districts in Long Beach,” said Stepp. “Its central location near PCH and Long Beach State coupled with its quiet, well landscaped streets maintained by the Park Estates HOA make it one of the more refined residential locations in the city. As equally attractive, the new owners of this property will be able to move forward with bringing the property to market rates.”

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