A 234-unit multifamily building in Long Beach has sold for $72.5 million. The property was 95% leased at the time of the sale, according to CoStar Group Inc.
Advanced Real Estate Services Inc. purchased the property at 1718 Ximeno Ave. from Blackstone Group and Phoenix Realty Group. Phoenix Realty paid $34.5 million for the building in 2011.
Jones Lang LaSalle Inc.’s Blake Rogers and Sean Deasy represented the seller.
According to CoStar, Advanced Real Estate Services plans to renovate the building. The company did not respond to requests for comment.
This is just the latest big multifamily sale in Long Beach in 2019. A 206-unit complex sold for $72 million earlier this year when Friendly Franchisees Corp. purchased The Landing at Long Beach from an investment fund managed by Western National Group Inc. The complex at 1613 Ximeno Ave. was 97% leased at the time of the sale.
MG Properties Group acquired a 158-unit apartment building at 595 Pine Ave. from Sares-Regis Group for $48.9 million. The apartments in the building, dubbed Pine at Sixth, were 95% leased at the time of the sale.
In addition, Long Beach has seen a surge in multifamily development including the 106-unit Ocean View Tower, the 163-unit Pacific, the 315-unit Shoreline Gateway and the 160-unit Beacon Apartments.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans