Source: Harbor Group International
LONG BEACH, CA - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of the Long Beach Coastal Collection, a portfolio of multifamily communities in Long Beach, Calif., for $180 million. The portfolio consists of three mid-rise properties comprised of 348 apartments total. Geoff Boler of Eastdil Secured facilitated the transaction.
Located in the center of Long Beach, the properties are conveniently walkable to the beach and downtown Long Beach's dining, retail and employment offerings. The portfolio is anchored by the Port of Los Angeles and the Port of Long Beach, the busiest ports in the country which support more than 300,000 jobs in the Long Beach area. The communities are proximate to several of the area's major highways, and are equidistant to the nearby employment centers of Los Angeles and Orange County.
"The Long Beach Coastal Collection is a strong addition to HGI's West Coast portfolio given its central location in an established market that is experiencing renter demand for high quality apartment housing," said Greg Heller, Managing Director of HGI. "We see significant opportunity for operational upside with this transaction, anticipating high occupancies and steady rent growth across the communities."
Built in 2019 and 2020, the Long Beach Coastal Collection includes a mix of studio, one- and two-bedroom units located within a three-minute drive of each other. The properties feature market-leading amenities such as a rooftop deck with panoramic views, 24-hour resort-quality fitness centers, resident lounges, a heated pool and spa, co-working space and gaming and entertainment rooms.
The Long Beach Coastal Collection is HGI's eighth multifamily investment in Southern California.