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2/23/22
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442 Residences, a newly constructed, 94-unit luxury multifamily community in Long Beach, traded hands for $48.5 mil, or approximately $516k per unit. The buyer was MWest Holdings.
Located at 442 W. Ocean Blvd, the property features refined, loft-style units with 10-foot ceilings, upgraded oversized windows, and oversized balconies with wraparound outdoor terraces that double as outdoor living rooms. The building also offers a spacious rooftop deck providing ocean and downtown views.
Centrally located between Los Angeles and Orange County, Downtown Long Beach is easily accessible to all major employment centers. 442 Residences’ transit-oriented location is one block from the Blue Line Metro, just 15 minutes from Long Beach Airport, and easily accessible to the nearby 710, 405, 605, 105, 5 and 110 freeways. With a Walk Score of 92, 442 Residences is surrounded by a wide array of shopping, dining and entertainment options all within a short walk of the property.
Newmark Co-Head of Capital Markets Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein represented the seller, Ensemble Real Estate Investments, a Long Beach real estate firm that completed construction of 442 Residences in 2019.
Shannon commented, “Long Beach presents tremendous value compared to other coastal markets with its deep walkable amenity base. Demand has and will continue to grow, fueling attractive rent growth in this submarket.”
U.S. multifamily investment sales volume reached an unprecedented $148.9 bil in the fourth quarter of 2021, according to Newmark Research. Annual sales volume rose to a record high of $335.3 bil, an increase of 128.2% year-over-year. Investment as a percentage of the overall US commercial real estate market rose to 41.5% in 2021, the highest allocation to multifamily on record. Absorption surged to 673,478 units in 2021, far outpacing the new supply of 358,734 units. Strong demand over the trailing 12 months in Los Angeles, New York and Washington, D.C. is an encouraging sign of momentum in large, supply-constrained markets.
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