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Long Beach Apartments Sell to Expansion-Minded Local Investor
CBRE closed the sale of a nine-unit multifamily property at 6744 Orizaba Ave. in Long Beach to a private investor for $2.41 million. The selling price represents $267,778 per unit and $310 per square foot.
EVP Dan Blackwell, senior associate Trey Mitchell and associate Jack O’Connor represented both the buyer and seller. The Riverside County-based seller intended to retire and manage estate planning, while the Los Angeles County-based buyer, sought to grow its multifamily portfolio.
“Through our exclusive marketing process, we generated multiple offers for this well-located property with a rare unit mix and procured a buyer who closed escrow at 97% of the asking price,” Blackwell said. “This was a great fit for our buyer-client who was looking to expand the number of doors.”
Built in 1973, the two-story, 7,770-square-foot apartment building is located on a 9,540-square-foot lot at the corner of Orizaba Avenue and East 67th Way.
