Sunset Group, the Los Angeles-based real estate investment firm formerly known as Studio Management Services, has dropped $132.9 million on a 17-story apartment tower in Long Beach.
The brand new property, known as the Current, comprises 233 units at 705 E. Ocean Boulevard. It’s the city’s first high-rise building in 50 years, the Los Angeles Business Journal reported.
The sellers, Anderson Pacific of Chicago, Qualico Developments Inc. and Ledcor Group of Companies, completed the $100 million tower in July 2016. They listed the property for sale in February, reportedly expecting bids of around $140 million.
The Current has a mix of studios, one- and two-bedroom apartments as well as 10,225 square feet of ground floor retail space. Starbucks is currently the only tenant, occupying 3,800 square feet.
A second phase of the project is expected to break ground this year and calls for a 35-story condominium tower.