Long Beach resi complex sells for $123M; priciest trade there this yearRelease Date: 2018-07-12
By: Dennis Lynch
IMT Residential acquired a 291-unit apartment building in Long Beach for $123.4 million, making it the most expensive multifamily transaction there this year.
The seller was Lyon Capital Ventures of Newport Beach, which unloaded The Gallery 421 complex, which includes ground-floor retail, at 421 W. Broadway.
The deal represents the highest dollar amount paid per unit in Long Beach this year, at $424,000.
The rental was built in 2010 and IMT has marketed it as a luxury property with amenities including a resort-style pool with private cabanas, a theater and a yoga studio.
On-site retail includes a Starbucks, Dickey’s Barbecue and Jimmy John’s pizza shop.
The only Long Beach transaction to top that one in the last two years was the $133 million sale of a 223-unit complex on East Ocean Boulevard last July.
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