CBRE announced the sale of two multifamily apartment communities totaling 23 units for $7.09 million in Long Beach, California to two separate buyers.
In the first transaction, CBRE’s Executive Vice President Dan Blackwell and Senior Associate Trey Mitchell represented the seller in the sale of a seven-unit multifamily property at 122 E. 55th Street in North Long Beach for $2.3 million, representing $328,571 per unit and $400 per square foot. The buyer was a private investor based in Long Beach and the seller was a repeat client from Orange County.
“Our team had previously brokered the sale of the 122 E. 55th Street property in March 2022 to the Orange County-based investor and we had provided the investor with strategic guidance on property value enhancement through specific interior and exterior renovations,” noted Blackwell. “The buyer invested approximately $200,000 in these renovations, resulting in a significant increase in the property’s overall value.
Built in 1962, the seven-unit multifamily property at 122 E. 55th Street sits on 0.145 acres and is located in North Long Beach’s Bixby Knolls submarket, close to schools, shopping, restaurants, and easy access to freeways. The two-story, 5,755-square-foot apartment building offers a mix of two and three-bedroom units, which were recently renovated.
In the second transaction, Blackwell and Mitchell represented the seller in the sale of a 16-unit multifamily property, built in 1987, at 1071 & 1075 Junipero Avenue near the heart of downtown Long Beach. The sale price was $4.79 million, representing $299,375 per unit and $358 per square foot. The seller was a private investor based in Orange County. The buyer was a private investor based in Los Angeles County.
“This was a value-add deal and our marketing process generated multiple property tours and competitive offers,” noted Mitchell. “The property’s walkable location near downtown, strong rental demand, and future growth provided investors with an immediate opportunity to improve the gross potential income and increase value through the execution of a renovation plan.”
The 16-unit multifamily property at 1071 & 1075 Junipero Avenue consists of two, three-story buildings totaling 13,376 square feet on a 0.27-acre lot. The gated community features all two-bedroom and two-bathroom units (averaging ±836 square feet) with private balconies and 100% copper plumbing. The third-story units have cathedral ceilings. Other amenities include 24 covered parking spaces and a laundry facility in each building. With a Walk Score of 87, the property sits in a dense urban neighborhood known for its historic culture and accessibility to the heart of Downtown Long Beach.
According to Mitchell, “The 1987 construction was highly desirable to the buyer, and helped drive the value above the average pricing metrics that we are seeing in Long Beach today.”
