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11/07/22
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A local private investor paid $6.64 mil for a 22-unit ($302k/unit) apartment property in Long Beach. The property, located at 4114 to 4118 Elm Ave in the city’s Bixby Knolls submarket, is viewed as a value-add opportunity.
The property consists entirely of one-bedroom units. In addition to the pool and courtyard, the property features a sun deck, on-site laundry and 11 parking spaces. The property is close to Atlantic Avenue's restaurants, coffee shops and amenities, as well as high-paying aerospace and technology employment.
Todd Hawke and Michael Toveg of Stepp Commercial represented the seller, a private investor from Long Beach who was in a 1031 exchange. Stepp Commercial’s Robert Stepp repped the buyer in the deal. The property closed at a cap rate of 3.7% and a gross rent multiplier of 15.7.
“This was the first time this generational asset had been on the market in 50 years,” said Hawke. “Featuring a pool and large courtyard as well as upside in rents, the property garnered a significant amount of investor interest.”
“The new ownership liked the significant value-add potential for unit upgrades and enhancing the exterior landscaping and swimming pool area,” said Stepp. “Our buyer client is an experienced investor who understands the Long Beach rental market and plans to take this asset to a new level that will appeal to young professionals seeking well-located, high-quality Long Beach rental product.”
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