IPA Sells Los Angeles County Property for $35.3 Million
Jul 25, 2016

LONG BEACH, Calif., July 25, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Patio Garden Apartments, a 127-unit apartment community in Long Beach, California. The property sold for $35.3 million, which equates to $277,953 per unit.

“Long Beach is experiencing a strong wave of economic development, which should bolster the labor market and local economy for years,” says Greg Harris, IPA executive director. “These strong fundamentals would support the new owner elevating the existing interior renovation program and implementing an upgrade program for the asset’s common and exterior areas as means to unlocking significant value.”

Greg Harris, along with Ron Harris, an IPA executive director, Kevin Green, an IPA senior director, Joseph Grabiec, an IPA senior director, Paul Darrow, an IPA director, and Michael DiSimone, an IPA associate, represented the seller, and procured the buyer.

“Patio Gardens Apartments benefit from a central Long Beach location, which serves as a gateway to both Los Angeles and Orange counties and is one of Los Angeles County’s strongest employment centers,” adds Ron Harris.

The property is located 4874 East Los Coyotes Diagonal in the Long Beach Traffic Circle neighborhood, which is less than two miles from California State University, Long Beach.

Built in 1958, Patio Gardens Apartments consists of 19 buildings on 5.87 acres. Community amenities include a fitness center, laundry facilities and garage parking. Apartment units feature spacious floorplans and 80 percent of units have large outdoor patios or backyards.