(Read more on the multifamily market.)

LONG BEACH, NY-A subsidized housing complex in New York’s Long Beach, located at 25 & 111-153 E. Pine St., is on the market for $19.5 million. Eastern Consolidated’s Heidi Burkhart, director, is spearheading the marketing initiative for the sale of this block front 130-unit property, within walking distance of the beach, the train station and Long Beach’s main retail street.

Burkhart tells GlobeSt.com that they have already received a large response from 1031 investors and long-term holders. “This acquisition is ideal for an investor who wants a foothold in Long Beach, which is in the planning stages for a major redevelopment known as the ‘Bayfront Revitalization Project,’ set to transform a 10-acre stretch of land into a vibrant mix of commercial and residential attractions,” notes Burkhart. Earlier this year, the Long Beach City Council selected the Bayfront Development Group as the preferred developers of the incinerator site here, which has been shut down since 1997. Bayfront Development Group LLC, a partnership of Lancer Insurance and Cameron Engineering, proposed the mixed-use project that will include a marina, housing, commercial structures, a restaurant and more.

Burkhart tellsGlobeSt.com that 69 out of 130 apartments are three-bedroom units. Two bedrooms make up roughly 29% of the total units, she says. The current average rental rate is $1,413 per month.

“The market is still strong for residential complexes–specifically in this deal size being just shy of $20 million,” Burkhart explains. “Furthermore, this property follows the three rules of real estate: location, location, location.” She adds that the complex is steps away from the train station, retail corridor of Long Beach and the beach. “As for in the immediate area of Pine Town, Long Beach has been said to have huge redevelopment plans pending that will transform the area in the coming years,” she says. “We are excited to conclude the first round of bids, which are due on Friday.”

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