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10/11/23
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Two multifamily apartment communities totaling 23 units in Long Beach sold to separate buyers in deals with a combined price of $7.09 mil ($308k/unit).
In one of the transactions, a seven-unit multifamily property at 122 E. 55th St in North Long Beach traded for $2.3 mil, representing $328.6k/unit and $400 per square foot. The buyer was a private investor based in Long Beach and the seller was a repeat client from Orange County.
Built in 1962, the property sits on 0.145 acres and is located in North Long Beach’s Bixby Knolls submarket, close to schools, shopping, restaurants, and easy access to freeways. The two-story, 5.8k sf apartment building offers a mix of two and three-bedroom units, which were recently renovated.
Dan Blackwell and Trey Mitchell with CBRE represented the seller in the deal. According to Blackwell, the seller had invested $200k in renovations to the property, resulting in a significant increase in value.
In the second transaction, a 16-unit multifamily property sold for $4.79 mil. Built in 1987, the property is located at 1071 and 1075 Junipero Ave, near the heart of downtown Long Beach. The price works out to $299.4k/unit and $358 per square foot. The seller, a private investor based in Orange County, was repped by CBRE’s Blackwell and Mitchell. The buyer was a private investor based in Los Angeles County.
The property consists of two, three-story buildings totaling 13.4k sf on a 0.27-acre lot. The gated community features all two-bedroom and two-bathroom units (averaging 836 sf) with private balconies and 100% copper plumbing. The third-story units have cathedral ceilings. Other amenities include 24 covered parking spaces and a laundry facility in each building. With a Walk Score of 87, the property sits in a dense urban neighborhood known for its historic culture and accessibility to the heart of Downtown Long Beach.
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