Just Closed: 106 Units | Long Beach, CA

Details

  • Price: $23,000,000
  • Cap Rate: 2.57%
  • GRM: 18.63
  • Cost per SF: $381.05
  • Cost per unit: $216,981
  • Year Built: 1969
  • Square Footage: 60,360
  • Lot Size: 102,888 SF
  • Units: 106
  • Stories: 2
  • Parking: 108
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily
  • Zoning: LBR4N
  • APN/Parcel ID: 7152-001-008

Just Closed: Clair Del Arms | Long Beach, CA

Invest In Results | Grow Your Legacy

lucrumre.com

 

Agents: Raymond A. Rodriguez | Mathew FreedmanScotty Weisstein

Team: Lucrum Real Estate Group

 

Highlights:

  • Marketed privately & sold off-market
  • Closed 97% of asking price
  • Value-added apartment building
  • Annual rent increase of 5% + CPI
  • Significant +/- 78% rental upside potential
  • 35 plus years under same ownership
  • Represented Buyer
  • 1031 Exchange
  • On-site swimming pool, clubhouse, gym, picnic area, & laundry room

Congratulations to our valued clients on our latest closing of Clair Del Arms, a large value-added 106-unit multifamily investment property located at 4800 Clair Del Ave. Long Beach, CA.

We represented the Buyer and assisted the Seller with preparing the book & records and guiding their management team through the due diligence process.

The Seller owned and operated this asset since their acquisition over 35 years ago! With all the recent changes in California rent control laws, eviction moratorium and rent freeze extensions, the Seller felt it was time to break free from these restrictions & 1031 Exchange into a more landlord friendly state.

Lucrum was fortunate enough to be introduced to the Seller by another colleague. The Seller had previously met with other brokers who could not deliver on his needs. We were able to build rapport, identify what was most important to him and move quickly to deliver an offer inline with expectations. Ultimately, we are grateful to have earned the Sellers business and secure the acquisition for our Buyer. We thank ALL involved that helped contribute to a smooth closing!

We love helping our clients accomplish their goals. Contact us and be a part of our next real estate success story!!!

 

By: Lucrum
April 8, 2022

Sales Team

Details

  • Price: $23,000,000
  • Cap Rate: 2.57%
  • GRM: 18.63
  • Cost per SF: $381.05
  • Cost per unit: $216,981
  • Year Built: 1969
  • Square Footage: 60,360
  • Lot Size: 102,888 SF
  • Units: 106
  • Stories: 2
  • Parking: 108
  • Transaction Type: Sold/Closed
  • Property Type: Multifamily
  • Zoning: LBR4N
  • APN/Parcel ID: 7152-001-008

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