Long Beach, CA, Tuesday, October 04, 2016– Senior Vice President Tim Steuernoland Associate Michael Jacobs with NAI Capital’s Torrance office completed the sale of a two multifamily apartment properties totaling 11 units in Long Beach, Calif. Steuernol and Jacobs represented the buyer and seller in the transactions.
1915 Lime Avenue, Long Beach totaled 6 units; four 2-bedroom units and two 1-bedroom units. Sale price totaled $1,030,000 or $171,667 per unit. The buyer was Elizabeth Earl Enterprises LLC and seller was Dennis Bruyers.
405 E 20th Street, Long Beach included a single family home and four bungalow style apartments. Sale price totaled $810,000 or $162,000 per unit. The buyer was Tony Bral and seller was Carlos & Alex Pfister, Victor & Daniel Barreto.
Steuernol said, “Investment in the apartment market remains hot in Los Angeles County. Investors can find value in the Long Beach market. Both of these properties provided a tremendous value-add opportunity for my private investor clients.”
“With strong competition for income producing rental units, it is a good time to sell. The 405 E 20th Street property sold over its original asking price.” Jacobs added.