Friendly Franchisees Corp. digs into Long Beach with resi complex purchase

FFC, which owns restaurants franchises and apartments, paid Western National Group $72M

Los Angeles /
Feb.February 14, 2019 10:00 AM
The pool at the Landing at Long Beach

Friendly Franchisees Corp. acquired a 206-unit apartment complex in Long Beach.

The Landing at Long Beach, at 1613 Ximeno Avenue, has 18 two-story buildings and spans about nine acres. It has one- and two-bedroom units. Amenities include a swimming pool, lighted tennis court, and barbeque areas.

FFC, which invests in restaurant franchises along with apartment buildings, secured a $43.1 million loan for the purchase of the Landing at Long Beach. The seller was Western National Group, an Irvine firm that paid $46 million for the complex in 2012.

Western National was one of state’s largest donors to groups that fought Proposition 10, a November ballot measure that would have opened up the possibility for new rent control measures statewide.

The complex is in the Circle Area neighborhood of Long Beach, removed from Downtown Long Beach, where developers have concentrated their attention. In the last few months, plans have emerged or moved forward for large projects in the area, including a 157-unit project by Anastasi Development Company proposed last month, a 429-key hotel project with 30 stories by American Life LLC, and a 407-unit complex by Raintree Partners.


Related Articles

arrow_forward_ios
Westmont's Andy Plant and Westmont Village Westmont Living, iStock)
Senior community nixes industrial development for more residential
Senior community nixes industrial development for more residential
FivePoint Holdings' Dan Hedigan (Fivepoints, Ranch on the River)
FivePoint slashes workforce 29%, posts $37M loss
FivePoint slashes workforce 29%, posts $37M loss
Cedars-Sinai's Thomas Priselac and 3400 Lomita Boulevard (Cedars-Sinai, LoopNet)
Cedars-Sinai pays $70M for Torrance medical offices
Cedars-Sinai pays $70M for Torrance medical offices
IGP Business Group's Matt Ilbak and Moreno Valley Mall (IPG Business Group, Moreno Valley Mall)
Indoor mall in Moreno Valley up for mixed-use makeover
Indoor mall in Moreno Valley up for mixed-use makeover
Michael Shabani with 8400 Melrose Avenue (Google Maps, iStock) Gucci, Melrose
Gucci plans flagship at Melrose & Melrose
Gucci plans flagship at Melrose & Melrose
Argent Retail's Terence Bortnick (LinkedIn, iStock)
OC commercial brokerage Argent Retail Advisors files for bankruptcy
OC commercial brokerage Argent Retail Advisors files for bankruptcy
LuMar's Babak Nehoray with10756 W Wilkins Ave (Avvo, Labyrinth)
Developers plan five-story apartment building in place of single-family home in Westwood
Developers plan five-story apartment building in place of single-family home in Westwood
Artist Guild Hotels' Daniel Hyde and the Palmer Building (LinkedIn, AGI)
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
arrow_forward_ios

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

Loading...