Complexes Fetch Nearly $8M

In another Long Beach transaction, Vitzthum reports that a San Francisco, Calif.-based private investor paid $1.9 million for a two-building, 16-unit apartment complex at 226 Gaviota, with Vitzthum representing the seller, a private investor from Palos Verdes and Mike Lembeck of Keller Williams representing the buyer. The complex was built in 1926 and was 100% occupied at the time of the sale. It consists of 12 studio units and four one-bedroom, one-bathroom units with monthly rents ranging from $795 to $1,250.

In an Eagle Rock transaction, Kanna Sunkara of Sperry Van Ness in Los Angeles reports that private investors based in Los Angeles acquired 20 units at 4335-4337 Toland Way for nearly $1.9 million, with Sunkara representing the seller, another L.A.-based private investor, and Mark Trueblood of Trumark Real Estate Management & Services representing the buyer. Built in 1960, the two-building property was 85% occupied at the time of the sale. It consists of 10 one-bedroom, one-bathroom units and 10 two-bedroom, one-bathroom units with monthly rents ranging from $591 to $995.