|
|
1/18/19
|
Santa Monica-based Hollywood Properties LP paid $4.4 mil for a 20-unit ($220k/unit) apartment property in Long Beach. The asset is located at 737 W. 5th St, within walking distance to downtown.
Built in 1963, the asset is situated on a 12.1k sf lot in the Willmore City Historic District, across from Caesar Chavez Park and in walking distance to downtown Long Beach and its numerous cafes, restaurants, boutiques and theatres. The unit mix consists of 11 one-bedroom units and nine two-bedroom units, all surrounding a landscaped courtyard. Fifteen of the 20 units were recently renovated by the seller to include new hardwood floors, custom kitchen cabinetry, new bathroom vanities and modern fixtures.
Robert Stepp and Michael Toveg of Stepp Commercial represented the buyer and the seller, Long Beach-based Keely Partners LP. The sale came in at a cap rate of 4.4%.
“The seller purchased property in 2015 for $2.7 mil and invested more than $450k in renovations and sold it now at a 52% return,” said Stepp. “The new ownership plans to conduct additional renovations which are expected to yield approximately 105 in additional rental upside.”
Toveg added, “Apartment assets in and near downtown Long Beach are highly coveted by investors as the billions of dollars of development activity in downtown are creating an amenity-rich environment that renters want to be close to.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
