The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 8, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





LOS ANGELES COUNTY NEWS
Printer-friendly Version   Email an Associate
Long Beach Apartment Building Trades at $381k/Unit

11/01/19

An eight-unit apartment property in Long Beach’s Alamitos Beach neighborhood sold for $3.05 mil, or $381k/unit. It was acquired by a Los Angeles-based family office in a deal that had a closing cap rate of 4.9%.

The property is located at 315 Cherry Ave, just north of 3rd St and a few blocks from Ocean Blvd. Built in 1923, the building includes six one-bedroom units and two studio units with charming 1920’s built-ins, interior French doors and modernized kitchens and baths.

The property is situated between downtown Long Beach and Belmont Shore in the popular coastal neighborhood of Alamitos Beach. The area is within minutes of the best that Long Beach has to offer. Residents can walk to the wide sandy beach, bike path and volleyball courts, as well quaint bars and restaurants along the Broadway Corridor and trendy shops, restaurants and bars on Fourth Street-Retro Row.

Robert Stepp and Mark Witsken of Stepp Commercial represented the seller, LMDG Real Estate Value Fund II Holdings, an active investment group in the Los Angeles area.

“Alamitos Beach is a highly coveted residential location with apartment rents about 19% higher than the average rent of greater Long Beach,” said Witsken. “With an asset of this quality in this neighborhood, we garnered a lot of interest and we were able to sell at a very strong price per unit.”





Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media