|
5/12/16
|
A two-property, 22-unit apartment portfolio in the Belmont Heights submarket of Long Beach was sold for $4.4 mil ($200k/unit) to two buyers in separate transactions. The seller, Long Beach-based Colonna Trust, was in the middle of a 1031 exchange and sold these assets off-market to all-cash buyers.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, as well as the two separate buyers. According to Toveg, the properties are located in the prime Belmont Heights submarket where there is a lack of high-quality rental units. The buyers saw the opportunity to purchase assets in an area dominated by older properties with deferred maintenance, and plan to renovate the units to bring the rents up to market value.
The properties sold include:
• 305 Coronado Avenue, containing 16 units, was sold for $2.9 mil ($181.3k/unit) and at a cap rate of 3.70 percent. Built in 1948, the property includes eight one-bedroom units, and eight studio units. It features on-site laundry and controlled access entry. The buyer was Stockton-based Grupe Properties.
• 539 Coronado Avenue includes six units and was sold for $1.5 mil ($250k/unit) and at a cap rate of 4.08 percent. Built in 1969, the property includes all two-bedroom units. It features eight private garages, on-site laundry, and controlled access entry. The buyer was Long Beach-based Seaward Road Enterprises, LLC.
The Belmont Heights submarket offers renters easy access to the ocean, Downtown Long Beach, and is within walking distance to the trendy shops and restaurants along Retro Row.
|
|
Return to the Archive page
|
|
|
|
|