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1/28/19
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Overseas investors paid $4.53 mil for two apartment properties totaling 14 units ($323.6k/unit) in Long Beach in separate, all-cash deals.
Both properties were built in the 1980s and feature spacious two-bedroom townhouse units, many with in-unit washers and dryers. The in-place cap rate for both properties was 4.5%.
One of the properties, at 314 Hermosa Ave, in the coveted Alamitos Beach neighborhood, sold for $2.53 mil. The property offers eight units with twelve on-site parking spaces, and is just blocks from the shopping, dining and nightlife amenities along Fourth Street/Retro Row.
The other property, located at 4231 E. 10th St, in the rapidly up-and-coming Belmont Heights area, sold for $2 mil. The property offers six units and 10 on-site parking spaces. Residents of this submarket enjoy a quiet, residential ambience with proximity to the beach and walkability to the restaurants and bars on 2nd Street.
Robert Stepp of Stepp Commercial represented the seller, Paul Fuhrman, Managing Partner of Santa Monica-based Miramar Capital. Stepp and Todd Hawke, also of Stepp Commercial, repped the individual buyers.
“Foreign buyers are attracted to U.S. investment properties because they are able to realize a higher rate of depreciation and coastal apartment locations like these assets are desirable due to renter demand,” said Stepp.
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