IRA Capital Acquires Multifamily Portfolio In Long Beach For $41.9M

A multifamily property portfolio in Long Beach has been sold for a total price of $41,850,000. The portfolio consists of 155 units with an average price per unit of $270,000. The total square footage of the properties is 112,240, with an average price per square foot of $373. The properties included in the portfolio are located at the following addresses: 726 Maine Ave., 811 Gardenia Ave., 432-440 & 834 Walnut Ave., 1049 E. 5th St., 621 Cerritos Ave., 1512 E. Florida Ave., 436 & 1042-1050 Gaviota Ave., 335 Orange Ave., 2652-2706 E. 15th St., 736-744 Olive Ave., 820 Lime Ave., 722-E., 441 Dawson Ave., 1086 & 1128 Stanley Ave.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $41,850,000
• Units: 155
• Price Per Unit: $270,000
• Square Footage: 112,240
• Price Per Square Foot: $373

The buyer of the portfolio is IRA Capital, represented by Amer Kasm. The seller's representatives are Robert Stepp, Travis Traweek, and Mike Toveg from Stepp Commercial, along with Larry Bustamante from Coldwell Banker. John Alden from Alden Pacific Investments represented the buyer in the transaction.