Alden Pacific Investments Completes $1.995m Purchase of 8-Unit Apartment Complex in Long Beach
Updated: Mar 29, 2020
Alden Pacific Investments, a division of Buckingham Investments has completed the $1.995 million purchase of a 5-unit apartment property located at 1420 Walnut Avenue in the Macarthur Park neighborhood of Long Beach.
Managing Broker, John Alden of Alden Pacific Investments represented the buyer who was completing a 1031 exchange. The property sold for $249,375 per unit and a cap rate of 5.23%.
Built in 1963, the property is situated on a 6,324 square foot lot and is composed of a mix of one, two, and three bedroom units.
“1420 Walnut offers our client an opportunity to break into the highly competitive Long Beach Market”, said Alden. “This property offered the new owner an opportunity to get a great building with a good unit mix – the buyer plans on capturing the roughly 30% upside in rents to stabilize the asset to hold within their portfolio.”