Golden Bee Properties has acquired a two-property apartment portfolio in Long Beach for $37 million. Southfield West and Southfield East Apartments make up the two-property portfolio, which totals 143 units. The seller was an unnamed private investor that has owned the properties for decades.
Located in a northern area of Long Beach, neither of the properties has been renovated, creating significant upside potential in the assets. In addition, the properties are located in a supply-constrained market. No market-rate properties with 50 units or more have been built in more than three decades, and none are currently under construction, according to Tyler Leeson, executive managing director investments in Marcus & Millichap's Orange County office, one of the brokers that worked on the deal.
Leeson, along with Marcus & Millichap's Kevin King, Nick Kazemi and Matthew Kipp, and Institutional Property Advisors' Joseph Grabiec, Kevin Green and Greg Harris represented the seller in the transaction.
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Long Beach has been an active apartment investment market. Already this year, a joint venture between Holland Partner Group and NASH has sold Volta on Pine in Long Beach to Gelt for $156 million. The 271-unit apartment complex has 1,300 square feet of ground floor retail space and is located in Downtown Long Beach. To complete the sale, Gelt secured $91.3 million in financing. The properties are located in Space Beach, an area of Downtown Long Beach that has recently become a hub for aerospace companies with start-ups like SpinLaunch, Rocket Lab and Relativity Space.
In another deal that illustrates the strong apartment demand in the market, Holland Partners acquired Congressional Place, a 73,769-square-foot office building in Long Beach, from ValueRock Realty for $41 million, with plans to redevelop the property into apartments. Located at 6700 East Pacific Coast Highway, Congressional Place is a two-story building on 2.5 acres with views of the marina and ocean. It is near several major freeways and has a high walkability rating. All of these details made it an ideal location for a multifamily project.
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Kelsi Maree Borland
