Greystar acquires apartment complex in Long Beach; extensive upgrades planned

The 211-unit development’s seller is tied to the Meruelo Group

TRD LOS ANGELES /
Mar.March 26, 2018 12:00 PM
Greystar exec Bob Faith and the Pacific Court Apartments (Credit: Greystar, Google Maps)

Greystar Real Estate Partners acquired a 211-unit apartment complex in Long Beach, with extensive upgrades on the property planned.

The Pacific Court Apartments also includes 35,000 square feet of retail, a 400-vehicle underground parking garage, a fitness center, dog wash, business center, poker room and clubhouse, according to a Greystar release announcing the acquisition.

The South Carolina-based firm, which focuses on multifamily investment, did not disclose purchase price, but said it acquired the complex “at a discount to both replacement cost and recent transactions in the area.” The property, located at 250 Pacific Ave., traded for $2.3 million in 2003, property records show.

Its latest owner is listed as Long Beach Pacific Court Apts LLC, an entity tied to real estate firm Meruelo Group, led by hotelier Alex Meruelo.

Neither Greystar nor Meruelo Group responded to immediate requests for comment.

Greystar is planning an extensive renovation to every unit in the building, with the first phase focusing on replacing the existing plumbing, plank flooring, counter surfaces and paint. It also will update the common areas.

In the release, the company said it plans on adding value to the transit-oriented property. Los Angeles has been seeing a flurry of projects taking advantage of its Transit-Oriented Communities program, which provides incentives to developers who build near transit hubs and set aside affordable units in their residential developments.

In October, Long Beach city officials said they would bar high-density developments in the coastal community.


Related Articles

arrow_forward_ios
From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Relevant Group’s Richard Heyman and the project site (Credit: Google Maps)

Relevant Group plans 87-unit apartment complex in South LA

A rendering of the project

Developer files plans to build 87-unit apartment complex in Pico Union

A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone

West Ocean Towers (Credit: Ledcor Group)

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

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

arrow_forward_ios
Loading...