Investors spend nearly $1 billion on Long Beach apartments, outpacing Greater LARelease Date: 2018-05-21
By: Andrew Edwards
Investors spent nearly $1 billion buying Long Beach area apartment buildings over a 12-month period, outpacing any other submarket in Greater Los Angeles.
The news comes from CoStar Group, a real estate analytics firm, which published its findings after compiling sales totals for the 12-month period ending March 31. Long Beach’s apartment sales, with submarkets in San Pedro and Wilmington, include a deal for The Current, a luxury downtown tower that changed hands for about $133 million last July.
CoStar also reported, however, that smaller deals involving private investors are the major factor behind Long Beach’s high sales activity. The upfront costs to buy a Long Beach apartment building are less than other coastal areas, and Long Beach investors also can expect a greater rate of return from new properties.
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