HGI Purchases Long Beach Multifamily Portfolio for $180M
Harbor Group International, LLC (HGI) has acquired a trio of mid-rise apartment communities, totaling 348 units in Long Beach, CA, for a purchase price of $180 million. The Long Beach Coastal Collection includes a mix of studio, one- and two-bedroom units located within a three minute drive of each other. Geoff Boler of Eastdil Secured facilitated the transaction.
“The Long Beach Coastal Collection is a strong addition to HGI’s West Coast portfolio, given its central location in an established market that is experiencing renter demand for high quality apartment housing,” said HGI’s Greg Heller. “We see significant opportunity for operational upside with this transaction.”
Located in central Long Beach, the multifamily properties are walkable to the beach and the city’s downtown with plenty of dining, retail and employment offerings. Amenities include rooftop decks with panoramic views, fitness centers, resident lounges and heated pools.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.