Canyon Partners LLC has purchased Fountain View Apartments, a 153-unit, garden-style community in Long Beach, Calif, for $36.5 million. Berkadia brokered the sale on behalf of the seller, MHE Real Estate.
At 2301 E. Market St., Fountain View is located close to several major roads, including interstates 710 and 405 and Freeway 91. Additionally, the community is approximately 4 miles from Long Beach Airport and less than 20 miles from downtown Los Angeles. The area also offers many dining, shopping and entertainment options, the community is close to retail centers such as Lakewood Center and Costco Wholesale.
Constructed in 1986, the 14-building property comprises a mix of studios, one- and two-bedroom units and townhouses, averaging 771 square feet. The apartments feature walk-in closets, air conditioning, dual master suites and private balconies or patios. Communal area amenities include:
- swimming pool
- laundry facilities
- fitness center
- parking spaces
“Long Beach and San Pedro have been in high demand for institutional and private investors in 2018,” said Jim Fisher, managing director at Berkadia, in prepared remarks. “By the end of the year, we will have closed four deals in the port communities over the third and fourth quarters as demand for the submarket continues to be strong. While activity in Class A and ‘core’ properties has slowed in recent months, buyers are still very aggressive in their underwriting for value-add deals, like Fountain View.”
In September, Canyon Partners furnished $10.6 million of preferred equity to finance ground-up construction of a Class A senior housing project in Simi Valley, Calif.
Image courtesy of Yardi Matrix