Sunset Group scoops up Downtown Long Beach apartment tower for $133M

The project was just completed last year

TRD LOS ANGELES /
Aug.August 17, 2017 03:00 PM

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. 

Sunset Group made headlines earlier this year when it sold Hollywood Center Studios to Hudson Pacific Properties Inc. for $200 million. [LABJ] – Subrina Hudson


Related Articles

arrow_forward_ios
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)

This way to the beach: Homes next to ocean topped priciest sales

This way to the beach: Homes next to ocean topped priciest sales
West Ocean Towers (Credit: Ledcor Group)

Developers of Long Beach’s tallest tower sued by contractor

Developers of Long Beach’s tallest tower sued by contractor
Troy Palmquist is expanding The Address into Long Beach with local agent Andy Dane Carter his first hire

Next address for The Address? Long Beach

Next address for The Address? Long Beach
Anthony Rozic, CEO of Goodman North America, HERE. Dennis A. Muilenburg, Boeing CEO

Goodman Group lands massive Boeing complex, with big conversion plans

Goodman Group lands massive Boeing complex, with big conversion plans
Bank of America Vice President and Senior Underwriter Paul Kim and the Hampton Inn

Nexus Companies refinances Long Beach Hampton Inn for $41M

Nexus Companies refinances Long Beach Hampton Inn for $41M
Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Malibu spec mansion lists amid softening luxury market
Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion
CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

SoCal housing market shows signs of life, with a caveat: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...