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LONG BEACH, CA-A Los Angeles-based private investor has purchased the 76-unit Long Beach Terrace Apartments at 1628 E. Ocean Blvd. from Long Beach Terrace Associates, a Los Angeles-based investment group, for $10 million, according to Marcus & Millichap.

David Kaufman of the Marcus & Millichap Los Angeles office, who represented the buyer, says the property was approximately 90% occupied at the time of the sale. The complex was built in several phases from the 1920s to the 1950s. The property contains six wood frame buildings, five in two-story designs and one four-story. The unit breakdown is 23 studios, 40 one-bedrooms, nine two-bedrooms, and four three-bedroom two-baths. The units range from 400 sf to 1,000 sf and rent for $750 to $2,700 per month.

Kaufman tells GlobeSt.com that the new owner plans upgrades to the property, which closed at a 7.4% cap rate. The owner also has hired Stratus Real Estate of Woodland Hills to bring professional management to the complex, he adds. Seller Long Beach Terrace Associates, which was in a 1031 Exchange, represented itself.

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