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3/17/17
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Palmdale Apartments, a 24-unit property located in the East Village Arts District of Downtown Long Beach, was acquired by a Beverly Hills-based investment entity for $3.18 mil, or $132.5k/unit. The deal closed at a 4.57% cap rate.
Built in 1924, the two-story property is located at 845 E. 6th St, east of Long Beach Blvd and north of Ocean Blvd. It consists of 23 studio units and one two-bedroom unit. The property was renovated recently to include hardwood floors and granite countertops in all of the units.
Robert Stepp and Michael Toveg of Stepp Commercial represented the Riverside-based seller as well as the buyer, Forward 6th Street Investments LLC. The buyer plans to add value through additional renovations to the exterior common areas as well as unit upgrades.
“This property is very close to prime Downtown Long Beach and is within the East Village Arts District, a neighborhood that is rapidly growing. New shops, restaurants and entertainment venues are opening on a monthly basis here, and are attracting young professionals looking to experience an urban, amenity-rich lifestyle,” said Stepp.
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