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| 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.
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| 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.”
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| 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.
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| 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
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