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2/27/19
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A portfolio of four adjacent apartment buildings totaling 36 units in Long Beach has sold for $11.05 mil ($307k/unit). The buyer was Long Beach-based Raven Properties LLC.
Built in 1963, the properties are located at 910, 918, 924 and 930 Freeman Ave. The portfolio sits on a 13.5k sf lot and consists of four two-story buildings – each building includes one one-bedroom unit and eight two-bedroom units.
All but nine units were renovated in 2018 to include new custom cabinetry, quartz countertops, stainless steel appliances, upgraded recessed lighting, new ceiling fans and new flooring. Additionally, exterior building renovations were conducted to include custom wood paneled security gates, fresh paint, new garage doors and new landscaping.
Robert Stepp of Stepp Commercial represented the seller, Long Beach-based VMG Properties LLC. Stepp and colleague Todd Hawke represented the buyer in the deal.
“This was a unique opportunity to acquire four buildings, which makes sense from a management standpoint, allowing the buyer to take advantage of economies of scale,” said Stepp. “Last year, the seller invested about $30k per unit to modernize 27 out of the 36 units along with exterior upgrades. These modern enhancements set the road map for the next buyer.”
Hawke added, “The buyer was attracted to the property because much of the heavy lifting of renovations had been completed and there is still a proven rental upside once the remaining units are upgraded.”
The vibrant Eastside neighborhood of Long Beach is less than one mile to the trendy Retro Row neighborhood as well as the East Broadway Strip, providing proximity to many of the best dining, shopping and nightlife amenities Long Beach offers.
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