API Completes $4.375m Purchase of 12-Unit Apartment Complex in Alamitos Beach
Alden Pacific Investments, has completed the $4.375 million purchase of a 12-unit apartment property located at 1316-1322 E. 3rd Street in the Alamitos Beach neighborhood of Long Beach. The Alamitos Beach neighborhood is ideally situated just blocks from the water and downtown Long Beach.
Managing Broker, John Alden of Alden Pacific Investments represented the buyers who were completing a 1031 exchange. The property sold for $364,583 a unit and a cap rate of 4.78%.
Built in 1989 the property, the two building property is situated on a 8,263 square foot lot and is composed of a mix of 8 two bedroom and 4 1 bedroom units.
“With the purchase of 1316 E. 3rd Street our buyer completed their 1031 exchange and secured a turnkey asset with strong income in a great location", said Alden. "With the large updated units, modern amenities and parking, 1316 presented the buyer with the opportunity to own in a competitive area near the water in Southern California with strong occupancy rates and rent growth.”