Two multifamily portfolio transactions in Long Beach have closed for a total of $17.4 million, according to an announcement from Marcus & Millichap, which brokered the sales.
Both portfolios were comprised of two properties. One portfolio contained 45 units on East Wardlow Road; the second consists of 52 units on Chestnut Avenue in downtown Long Beach, the firm said in a release.
“These portfolio transactions exemplify the high level of interest investors have in Long Beach,” Matt Kipp, vice president investments for Marcus & Millichap, said in the statement. “It is one of the most affordable coastal submarkets in Los Angeles County and offers more value-add opportunities than other beach cities.”
Kipp, along with Tyler Leeson, senior managing director, represented the seller, an unnamed private investor, in both transactions. The also represented Waterford Residential, the buyer in the Wardlow Road transaction.
The Chestnut Avenue portfolio properties were built in 1922 and 1927, and are close to the $520 million Long Beach Civic Center Project. The two Wardlow Road properties were built in 1965. The properties are within three miles of the Long Beach Airport, a Walmart Supercenter and the Lakewood Golf Course.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.