Friendly Franchisees Corp. digs into Long Beach with resi complex purchase
FFC, which owns restaurants franchises and apartments, paid Western National Group $72M
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.