Investment Highlights
- A Coastal Core Location: Downtown Long Beach offers a combination of waterfront access, employment density, walkable amenities, entertainment, tourism, & a high growth aerospace and technology sector
- Extensive Recent Improvements at Elevate: $3.3M (~$20,000/unit) of capital improvements over the last 5 years that include adding 11 new units and unit interior renovations
- Remaining Upside Opportunities: By emulating the proven renovation scope completed in 129 of 160 original units thus far, investors can capture ~10% upside in rental income on the 31 remaining units
- Welfare Tax Abatement Opportunity: 58% of the households that reported incomes fall below the 80% AMI limit. Accordingly, Elevate represents an opportunity to apply for a welfare exemption to offset ad valorem property taxes.
- Substantial Infrastructure Investments in Downtown Long Beach: Downtown Long Beach is undergoing a multi-billion-dollar transformation driven by coordinated public & private capital investments. Notable projects include a new 11,000-seat waterfront amphitheater, $50M of improvements to the Long Beach Convention Center, new 31-story 400+ room Hard Rock Hotel, $520M+ improvements to the Long Beach City Hall and Civic Center building complex, $350M modernization of the Metro A Line.
- A Vision for the Future: The Shoreline Vision Plan is an initiative aimed at integrating the Downtown Long Beach core with its 2-mile coastline. Major corridors, underutilized parking lots, waterfront parks, promenades, and public spaces are being upgraded to support a higher volume of entertainment options, large scale events, and tourism activity.
- A Dominant Presence in Global Trade: 31% of all US container imports and exports passed through the Port Complex (Ports of LA & Long Beach) in 2024. Combined, the complex processes roughly $300B in cargo value annually.
- 'Space Beach' Blasts Off: The aerospace industry occupies over 7-million square feet in the city and supports 4,000+ high-wage jobs in aerospace design, engineering, and advanced manufacturing.
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