After it was last acquired in 2018, Canyon Partners has sold a 153-unit apartment building in Long Beach for $42.8 million, or about $279,738 per unit. According to public records, the property was acquired by New York-based investment company ESG Kullen earlier this month.
The property, Fountain View Apartments, is located at 2301 E. Market Street and was built in 1984. According to Apartments.com, the property contains a mix of studio, one and two-bedroom units as well as a number of amenities. These include a swimming pool, a spa, BBQ grills, a fitness center and a courtyard.
The Fountain View Apartments are also located near a number of retail amenities, including a neighboring Planet Fitness and several strip mall centers. Additionally, the property is a short commute from both Interstate 710 and State Road 91.
In 2018, the property was sold to Canyon Partners for $36.5 million, or about $238,562 per unit.
Its new owner, ESG Kullen, currently holds a portfolio of more than 7,000 residential units across 33 properties. In total, the property has completed $1 billion worth of acquisitions.
In general, the Greater Los Angeles multifamily market has seen an increase in interest from investors over the last several months as the sector continues to see high levels of leasing activity. According to a first quarter multifamily market report from Kidder Mathews, the Greater Los Angeles area’s multifamily market recorded a 3.3 percent vacancy rate. This was nearly a 39 percent decrease from the year prior, when a 5.4 percent vacancy was recorded. As vacancy has gone down, rental rates in the market have increased just over nine percent from the first quarter of the year from $1,940 per month in 2021 to $2,079 per month.
As the market has grown tighter, investments in the area have also increased. According to the report, nearly 10,000 units across the Greater Los Angeles region have been sold during the first quarter of the year.
