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3/16/18
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In a recent multifamily sales comp from Long Beach, Waterford Residential paid $10 mil for a 36-unit ($278k/unit) apartment building in the city’s Circle Area neighborhood. The property was sold by a private trust.
Built in 1971, the 32.8k sf, four-story building is located on an oversized lot at 1625 Redondo Ave, just south of Pacific Coast Hwy. The property includes 12 two-bedroom/two-bath units with patios, 18 one-bedroom/one-bath units and six studios.
Robert Stepp of Stepp Commercial represented the seller in the deal. The transaction closed at a 3.6% cap rate.
“The Circle Area neighborhood is within convenient walking distance of California State University Long Beach,” said Stepp. “The buyer will benefit from the value-add property’s prime location and rental upside potential.”
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