NAI Capital Negotiates 20-Unit Multifamily Investment Sale in Long Beach, CA
Los Angeles, CA – August 13, 2019 – Vice President Mario Gandara with NAI Capital’s Multifamily Services Group completed the sale of a 20-unit apartment complex located in Long Beach, California. Mario represented the buyer, a private investor, in the transaction. The seller was Long Beach Trading Company. The sale price was $4,645,000 or $232,250 per unit.
The apartment complex is located at 5075 Atlantic Ave in North Long Beach. Built in 1979, the two-story property is comprised of nine one-bedroom/one bath units, ten two-bedroom/two bath units and one three-bedroom/two bath unit. The property sits on an oversized lot with ample parking; 22 garages and 11 parking spaces. The property was 100% occupied at the time of sale. The new owner plans to hold the asset as a long term investment.
Mario said, “The 5075 Atlantic Ave apartments are in a very popular area of North Long Beach. The size of the units and unit mix are excellent for this market that has a low vacancy and rising rents. The new buyer expects to have no vacancy in the foreseeable future, minimal maintenance because the building is in great shape and tremendous upside potential due to its location.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 375 Offices and 6,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 6,000 local market professionals, managing in excess of 1.15 Billion square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
# # #