Golden Bee Properties Acquires Multifamily Asset In Long Beach, CA For $37.05M

Ackerfield Ave in Long Beach, California, witnessed a significant sale transaction in the multifamily sector. The property at 5565 & 5700 Ackerfield Ave was acquired by Jonathan Zadok and David Berneman of Golden Bee Properties. This marks the largest acquisition to date for Golden Bee Properties' CalNeva Workforce Housing Fund. The sale price for the property was recorded at $37,050,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $37,050,000
• Units: 143
• Price per Unit: $259,091
• Square Footage: 114,622
• Price per Square Foot: $323

The acquisition of Ackerfield Ave is a significant move for Golden Bee Properties, showcasing their continued growth in the market. Over the next three years, the property is set to receive $5 million in capital improvements, further enhancing its value and appeal. The investment made by Jonathan Zadok and David Berneman demonstrates their confidence in the potential of this asset and their commitment to expanding their real estate portfolio.