Hiu Chan of the Long Beach office of Marcus & Millichap tells GlobeSt.com that the two-building complex includes 18 one-bedroom units and eight two-bedrooms, with rents substantially below market. The one-bedroom apartments rent for approximately $600 while the two-bedrooms rent for approximately $800, or about $200 below market for both sizes. Chan represented the buyer, along with partners Martin Ensbury and Stewart Weston.
The two-story, wood frame and stucco buildings were constructed in 1963 and had been owned by the seller for less than 10 years. Chan tells GlobeSt.com that the new owner plans to spend between $150,000 and $200,000 to renovate the complex inside and out, with plans to raise rents to market levels. The property was 100% occupied at the time of the sale.
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