IRVINE, Calif. – February 20, 2019 – Berkadia announced today the $72 million sale of The Landing at Long Beach, a 206-unit property in Long Beach, California. Managing Director Joe Leon of the Irvine, California office, Managing Director Jim Fisher and Senior Director Mike Smith of the Los Angeles office, Managing Director Kevin Larimer of the Detroit office and Director Greg Gonzalez of the Chicago office completed the sale on behalf of the seller, Western National Realty Fund II, L.P., an investment fund managed by Western National Group, a fully-integrated multifamily real estate firm. The buyer was Friendly Franchisees Corporation, also based in California, and the deal closed on January 31.
The Landing at Long Beach is centrally located between the major employment hubs of Los Angeles and Orange County that offer a combined total of over 5.5 million jobs. Located at 1613 Ximeno Ave., the property affords convenient access to California State University Long Beach and has access to over 3.5 million square-feet of retail within three miles of the property.
This value-add opportunity allows the next owner to take the property to the next level. The new owner plans on investing approximately $28,000 per unit for a complete major-renovation bringing the property to best-in-class for its Long Beach submarket.
“This particular submarket has not seen any development of new B product in over 20 years, and therefore, the buyer’s strategy to upgrade this property to a B++ will be extremely well received by the market,” said Leon.