Long Beach Property Sells for $72M
- Feb 22, 2019
Friendly Franchisees Corp.. has acquired The Landing at Long Beach, a multifamily community in Long Beach, Calif. The property was purchased for $72 million from Western National Group’s investment fund Western National Realty Fund II LP.
Located at 1613 Ximeno Ave., The Landing at Long Beach offers 206 one- and two-bedroom units ranging from 450 to 886 square feet. According to Yardi Matrix, the 1985-built community was 95.6 percent occupied as of January. Interior features include fully equipped kitchens, breakfast bars, washer/dryers, central air and heat, ceiling fans, gas fireplaces, large closets, custom cabinetry, mirrored closet doors, hardwood floors, vaulted ceilings, vertical blinds and private balcony/patios. Residents have access to amenities including:
- swimming pool
- tennis court
- barbecue area
- laundry care center
- assigned carports
- pet friendly
- 24-hour emergency maintenance
The new owner plans to implement a capital improvements plan on the property, investing $28,000 per unit for major renovations. The community is within close proximity to California State University Long Beach and 3.5 million square feet of retail within three miles of the asset. The property is centrally located between major employment hubs in Los Angeles and Orange County.
“This particular submarket has not seen any development of new B product in over 20 years, and therefore, the buyer’s strategy to upgrade this property to a B++ will be extremely well received by the market,” said Joe Leon, managing director at Berkadia, in a prepared statement.
Berkadia’s Managing Directors Leon, Kevin Larimer and Jim Fisher, Senior Director Mike Smith, and Director Greg Gonzalez represented the seller in the transaction. Last month, members of the same team arranged the $42.3 million sale of Mountain Summit Condominiums, a 194-unit garden-style community in Ontario, Calif., on behalf of the seller, TruAmerica Multifamily.
Image courtesy of Yardi Matrix