Charleston, S.C.-based developer Greystar Real Estate Partners has purchased the 211-unit Pacific Court Apartments at 250 Pacific Ave. in Long Beach for $84.2 million, or nearly $400,000 per unit, according to CoStar Group Inc.
The property also contains about 35,000 square feet of retail space and 400 parking spaces. It’s located roughly equidistant from the Los Angeles County Metropolitan Transportation Authority Blue Line’s Downtown Long Beach and Pacific Avenue stations.
Greystar said in a statement that it plans to renovate all the buildings units as well as its common area.
“We were able to purchase this property at a discount to both replacement cost and recent transactions in the area,” said Kevin Kaberna, executive director and leader of Greystar’s U.S. investment platform, in a statement.
“We believe our proactive capital improvement strategy…will allow us to deliver a desirable asset that capitalizes on the property’s incredible location,” Kaberna said.
The previous listed owner is Meruelo Group in Downey, CoStar said.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.