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11/23/21
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A 17-property, 155-unit apartment portfolio in Long Beach sold for $41.85 mil, or $270k per unit.
The portfolio is comprised of assets in “B” locations across Long Beach and just over half of the units are Section 8 housing. The majority of the units feature updated plumbing and electrical, laminate or linoleum flooring, and ceiling fans.
Robert Stepp, Michael Toveg and Travis Traweek of Stepp Commercial, along with Larry Bustamante of Coldwell Banker Coast Alliance, represented the seller, a SoCal-based private investor. The buyer was an institutional investment firm.
Toveg noted, “The seller will be seeking a less management-intensive apartment property upleg in an out-of-state 1031 exchange. We are currently targeting assets in the tax-friendly and high growth markets of Austin and Tampa.”
Although inventory has been tight, Long Beach has seen a significant amount of apartment transaction activity in 2021. So far this year, there have been a total of 196 sales of apartment assets with five or more units compared to the same time last year with 105 transactions. The average price per unit this year is $265.8k and the average cap rate is 4.52%, as opposed to the same time period last year which was $254.3k/unit and an average cap rate of 4.56%.
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