IPA Arranges Sale of Archstone Long Beach for $46 Million

Archstone Long Beach Apartments
Long Beach, CA

LONG BEACH, CA– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Archstone Long Beach, a 206-unit, 145,276-rentable square foot multifamily community located in Long Beach’s Traffic Circle neighborhood.

The sales price of $46 million equates to $223,300 per unit.

Greg Harris

IPA executive vice president investments Greg Harris and directors Kevin Green and Joseph Grabiec advised the seller, Archstone, and represented the buyer, Western National.

“Archstone Long Beach is a true value-add renovation opportunity with a significant projected upside in rents,” Harris says. “This non-rent-controlled asset provides the investor with a unique opportunity to increase the property’s value by executing a sound renovation plan.”

Kevin Green

“Close to the Port of Long Beach, freeways and Cal State University, this property is in a prime submarket with a growing employment base,” adds Green.

Located at 1613 Ximeno Avenue, the property is less than 1.5 miles from Cal State University, 2.5 miles from the upscale beach community of Belmont Shore and just 7.5 miles from the Port of Long Beach, employer of over 30,000 people or one in eight Long Beach residents.

Joseph Grabiec

The complex provides easy access to interstates 405, 710 and 605, also known as the San Diego, Long Beach and San Gabriel freeways respectively, with an easy commute to employers throughout Orange and Los Angeles counties.

Constructed in 1985, Archstone Long Beach is comprised of 17 two-story buildings.

 The complex features eight different floor plans whose units include central air conditioning and heating, linoleum flooring, private patios and balconies, energy-efficient appliances, wall-to-wall carpeting, ceiling fans, mirrored wardrobes, fireplaces and walk-in closets in select units, and vaulted ceilings in second-floor units.

Community amenities including a swimming pool and spa, lighted tennis court, barbecue stations, landscaped courtyards, electronic card-operated laundry facilities, a modern leasing office, and covered and assigned parking.

 Contact:

Public Relations

(925) 953-1716