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1985-Vintage Apartments Change Hands for the First Time
CBRE finalized the sale of 2203 E. Bermuda St., an eight-unit multifamily property in Long Beach, for $2.7 million to a private investor. The selling price represents $337,500 per unit and $323 per square foot, in the property’s first sale since it was built in 1985.
EVP Dan Blackwell, senior associate Trey Mitchell and associate Jack O’Connor represented the all-cash, non-exchange buyer based in Los Angeles County. The seller was also based in Los Angeles County.
“This was our third closing with our investor client,” said Blackwell. “Based upon our client’s financial goals, we sourced a great value-add multifamily investment opportunity in an ideal neighborhood, secured the winning bid over multiple competitive offers, and closed in 21 days.”
Mitchell added, “The buyer was attracted to the property’s desirable Belmont Heights location, its townhome layouts and 1980s construction. Additionally, the buyer could increase the rent roll by nearly 50%, resulting in a 7.86% cap rate, through the implementation of a comprehensive renovation plan aimed at capturing the strong market rents for luxury rentals in the immediate neighborhood.”
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- ◦Sale/Acquisition
