Long Beach Multifamily Property Sells For $51MRelease Date: 2018-07-12
By: Joseph Pimentel
A 127-unit multifamily asset in Long Beach has sold for $51M, a sign that the city’s rental housing market outside of its downtown corridor is coming up, Stepp Commercial principal Robert Stepp said.
Stepp represented the buyer, a Long Beach-based private investor, and seller, Emeryville-based HFH Ltd., in the sale of Patio Gardens, an apartment community at 4874 East Los Coyotes Diagonal.
Stepp received 13 offers for the property, he said.
In 2016, the undisclosed private investor had purchased the building for $35.3M.
“This location is a great area. It’s next to Cal State [University] Long Beach and there are plenty of commercial developments happening in this Traffic Circle area,” Stepp said.
He said the buyer of Patio Gardens plans to reinvest and renovate the 5-acre property and modernize the buildings.
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