Zak Show and Charlie Kennedy, both with Sperry Van Ness in Irvine, represented the buyer. Frank O'avanzo of Sunwest Investments Inc. in Laguna Niguel representing the seller.
The complex at 3225 Long Beach Blvd. was built in 1988. It consists of 22 one-bedroom, one-bathroom units; and 34 two-bedroom, two-bathroom units with monthly rents ranging from $700 to $1,095. The one-bedroom units measure 450 sf and the two-bedrooms are 950 sf.
Located at Long Beach Boulevard near the 405 Freeway, the property is 99% leased and within walking distance of the Long Beach Memorial Medical Center. Kennedy says the buyer was looking for a high-quality property near Los Angeles to complement its other multifamily investments in the area.
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