Eddie & Hemi Lim Acquire Multifamily Asset In Long Beach For $1,800,000 With Jignesh Patel & Juan Huizar

The property asset involved in this transaction is a multifamily unit located at 426 Newport Avenue, Long Beach. The sale price for this asset was $1,800,000, comprising 6 units. The total square footage of the property is 4,740, which translates to a price per unit of $300,000 and a price per square foot of $379.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,800,000
• Units: 6
• Square Footage: 4,740
• Price Per Unit: $300,000
• Price Per Square Foot: $379
• Buyer: Eddie & Hemi Lim
• Seller: Matsuo Aoyama
• Buyer's Representative: Jignesh Patel & Juan Huizar - Sage Real Estate

This transaction formed part of a three-property deal, which included the sale of two condos for the buyers, allowing for the acquisition of this larger multifamily asset as part of a 1031 Exchange. This was executed within the necessary timeline, providing the buyers with improved long-term investment potential.