Long Beach, Calif.—The Current, a 17-story, 223-unit apartment tower at 707 E. Ocean Blvd., in Downtown Long Beach, has opened. The property is a development of AndersonPacific LLC, Ledcor Properties Inc. and Qualico Developments Inc.
The Current constitutes the first phase of a two-tower community, which will be connected by a 10,000-square-foot plaza that includes retail and other amenities. The companion 35-story tower is anticipated to break ground in 2017.
The development is Downtown Long Beach’s first new multifamily high-rise since before the recession. Designed by San Francisco-based BAR Architects, it offers studios, one- and two-bedroom units, and penthouses. Amenities include a rooftop sundeck and pool.
AndersonPacific CEO Jim Anderson noted at the recent opening ceremony that “in 2004, we envisioned two Class A residential towers on this site, emphasizing the ocean and serving as a catalyst to revitalize the East Village Arts District. The first phase of that vision [has] become a reality.”
Long Beach apartments are in demand, which is driving significant rent growth. According to data compiled by Rent Jungle, the average apartment rent in the city over the six months before May increased by 15 percent, or $274. One-bedroom units have increased by $286 (18.6 percent) and two- bedroom apartments have increased by $316 (15.5 percent).