Privately owned real estate investment and management firm Harbor Group International LLC (HGI) has acquired a multifamily portfolio in Long Beach, Calif. The Long Beach Coastal Collection, featuring three-mid-rise multifamily properties totaling 348 apartments, was purchased for $180 million.
Built in 2019 and 2020, the portfolio features properties that are less than a 3-minute drive from one another in the lively downtown district of Long Beach. The portfolio offers a blend of studio, one- and two-bedroom units. Among common-area amenities of the three properties are gaming and entertainment rooms. Among the apartment features found within the portfolio are walk-in closets, stainless steel appliances, window coverings, instant hot water and sprinkler system.
Geoff Boler of Eastdil Secured facilitated the acquisition.
All the properties in the Long Beach Coastal Collection are located within steps of the beach and the restaurant, shopping and job options afforded by downtown Long Beach. The Port of Los Angeles and the Port of Long Beach, which are the busiest ports in the country, anchor the portfolio. Combined, these two ports support more than 300,000 jobs in the Long Beach area. The apartment communities are near a number of major highways in the area. They are also equidistant to the nearby employment centers of Los Angeles and Orange County.
The Long Beach Coastal Collection is HGI’s eighth Southern California multifamily investment. In a prepared statement, an HGI official stated the collection represents a robust enhancement to the HGI West Coast portfolio. Central location in a mature market known for renter demand for high-end multifamily living presents an opportunity for the company to generate substantial rent growth and enjoy high occupancies. Two months ago, HGI acquired ParkLine Miami in downtown Miami.