Ensemble Sells Long Beach Luxury Community for $49M
The property came online in 2019.
MWest Holdings has acquired 442 Residences, a 94-unit community in Long Beach, Calif., for $48.5 million, or $515,957 per unit. Newmark represented the seller, Ensemble Real Estate Investments, which completed the luxury property in 2019.
The seven-story building comprises a mix of studio, one- and two-bedroom apartments, ranging from 514 to 1,260 square feet with 10-foot ceilings and balconies. Common-area amenities include a fitness center, clubhouse, a rooftop deck, as well as 152 parking spaces.
Located at 442 W. Ocean Blvd., near the Los Angeles River, the transit-oriented community is half a mile south of Interstate 710, connecting it to Los Angeles and major employment hubs and 10 miles away from Long Beach Airport. The community is surrounded by dining and entertainment options, within half a mile of Long Beach Convention & Entertainment Center and Aquarium of the Pacific.
Newmark’s Co-Head of Capital Markets Kevin Shannon said, in prepared remarks, that the submarket is expected to grow, being a valuable coastal area due to its walkable amenity base. Ensemble’s multifamily platform includes plans for 1,200 units breaking ground this year, added Tyson Sayles, principal of multifamily and mixed-use properties for the firm. Additionally, the company is preparing to wrap up construction on another Long Beach asset in April, a property dubbed the Magnolia, a 142-unit community.
U.S. multifamily had a great run in general over the past year, and Los Angeles was no exception. The Los Angeles market absorbed more than 20,000 apartments in 2021, according to a recent Yardi Matrix report. What’s more, the average metro L.A. rent was up 11.5 percent last year, the same source shows.