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1031 Buyer Acquires Five Apartment Properties in Torrance, Long Beach
CBRE finalized the acquisition of five multifamily properties in Torrance and Long Beach on behalf of an exchange buyer. The five transactions fulfilled the buyer’s 1031 exchange requirement following the sale of a 3.82-acre property in Torrance.
EVP Dan Blackwell and senior associate Trey Mitchell of the CBRE Multifamily SoCal Team represented the San Diego-based exchange buyer. Blackwell said, “Our exclusive relationship with the buyer enabled us to identify both on- and off-market opportunities that aligned with the investor’s criteria, meeting both short-term and long-term investment objectives.”
The five multifamily properties, sourced from different private sellers in Southern California, include 1751 Cabrillo Ave., Torrance; 927 Daisy Ave., Long Beach (pictured); 908 Roswell Ave., Long Beach; 1512 E. Florida St., Long Beach; and 477 E. South St., Long Beach. Most of the properties provide upside potential, whether in the form of renovating units and raising rents or adding an accessory dwelling unit.
- ◦Sale/Acquisition
