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Long Beach Multifamily with Section 8 Tenants Attracts Buyer
An apartment property portfolio in Long Beach received multiple offers and recently sold for $41.85 million to an institutional investment firm. The deal consisted of 17 properties totaling 155 units and a per-unit price of $270,000.
The portfolio is comprised of assets in B locations across Long Beach and slightly more than half of the units are Section 8 housing. The majority of the units are updated.
Stepp Commercial’s Robert Stepp, Michael Toveg and Travis Traweek along with Larry Bustamante of Coldwell Banker Coast Alliance represented the seller, a Southern California-based private investor.
“We marketed this portfolio and secured a number of offers, with the best offer coming from the institutional buyer,” said Stepp. “The buyer liked that the buildings had ample Section 8 tenants for guaranteed income.”
- ◦Sale/Acquisition
