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LONG BEACH, CA-A private investor has bought the 16-unit Grecian Apartmentsat 1175 E. Second St. from another private party for $1.36 million,according to Kevin King of Marcus & Millichap, who represented bothparties, both of them in 10-31 exchanges.

King tells GlobeSt.com that the building was fully occupied at the timethe parties agreed to the sale, but two units that became vacant duringescrow were allowed to remain empty at the request of the buyer, whoplans to upgrade the units and raise rents to market levels.

Current rents of $580 to $625 for the property’s one-bedroom units and$685 to $860 for the two-bedroom units are “well below market,” Kingtells GlobeSt.com. He says comparable properties are renting for $800for one-bedrooms and $1,100 for two bedrooms. The Grecian includes six one-bedrooms and 10 two-bedrooms, ranging in size from 725 sf to 875sf.

The purchase price of $80,000 per unit was among the highest paidrecently for comparable properties, King says, although he adds that,”The market is fluid, and there are probably some properties undercontract now at higher prices.” The Grecian was built in 1964 and is athree-story, wood frame and stucco building. The seller had owned it for22 years.

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