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The Real Deal Los Angeles

Long Beach apartment tower looks for $140M bid

The city's first high-rise in 50 years hit market shortly after completion
February 07, 2017 07:00PM

Current Long Beach (Ledcor Group of Companies)

That didn’t take long.

Long Beach saw the completion of its first high-rise building in 50 years last summer. But the 223-unit apartment tower, called the Current, has already hit the market. 

Bids for the property near Downtown Long Beach are expected to hit $140 million, or $628,000 a unit, REAlert reported.

The 17-story building at 707 East Ocean Blvd is owned by Anderson Pacific of Chicago, Qualico Developments Inc. and Ledcor Group of Companies. The $100 million project was completed in July 2016, according to a release from Ledcor.

A proposed second phase of the project is in the pipeline and calls for a 35-story condominium tower.

The Current has a mix of studios, one- and two-bedroom apartments. Average rent in the building is $3,100 a unit, CoStar shows. The apartments feature laminate-wood floors, stainless-steel appliances, quartz countertops and washer/dryers. Most apartments also have patios or balconies. The property is currently 78 percent leased. CoStar shows.

Building amenities include a rooftop pool, wet bar, open-air lounge, pet spa and fitness center with yoga and Pilates studios.

The Current features 10,225 square feet of ground floor retail, CoStar shows. Starbucks is the only tenant, occupying 3,800 square feet. Two retail spaces are vacant.  [REAlert] — Subrina Hudson