IRA Capital has expansion plan in mind for LB apartment portfolio

Firm exploring addition of 33 ADUs to 155-unit spread

Los Angeles /
Dec.December 09, 2021 12:00 PM
IRA Capital co-founders Amer Kasm and Mohannad Malas (IRA, Getty)
IRA Capital co-founders Amer Kasm and Mohannad Malas (IRA, Getty)

Irvine-based IRA Capital has bought a 155-unit portfolio of apartments in Long Beach.

The firm has acquired 17 properties, which are primarily located in the North Alamitos Beach section of Downtown Long Beach, for $42 million — around $270,000 per unit, IRA Capital announced on Monday. The seller of the portfolio was not disclosed.

IRA Capital said it was looking to add up to 33 accessory dwelling units at the property.

IRA Capital has been busy the last few months, buying a 95,000-square-foot office property at 325 North Maple Drive in Beverly Hills for $153.2 million in October and a 154,400-square-foot property in Irvine for $103 million.

The firm currently owns 300 residential units across Southern California and “intends to further increase its investment into the multifamily asset class both locally and nationally,” it said in a statement.

Long Beach, around 25 miles south of Downtown Los Angeles, was recently named one of the country’s most unaffordable housing markets — edging out San Francisco, according to a report from RealtyHop.

The report found that the average household in Long Beach would have to spend 65.5 percent on monthly mortgage payments and taxes on a median-priced home across the city.

Rents have also risen across the city, hitting an average of $1,675 a month for a one-bedroom, according to Zumper, a 6 percent increase from this time last year. In Downtown Long Beach, median rents are $2,362 a month.

With rising rents, investors have started to focus on Long Beach as a site for multifamily development. Earlier this month, Onni Group bought a 6.2-acre strip mall for around $68 million and plans to build a multifamily complex on the site.





    Related Articles

    arrow_forward_ios
    27234 & 27242 Pacific Coast Hwy in Malibu (Zillow)
    Weintraub in contract to sell Malibu assemblage
    Weintraub in contract to sell Malibu assemblage
    John Kilroy, chairman and CEO, Kilroy Realty (Getty Images, iStock)
    Kilroy reps SoCal on Bloomberg gender-equality index
    Kilroy reps SoCal on Bloomberg gender-equality index
    Hines finds a Penney among $250M in SoCal buys
    Hines finds a Penney among $250M in SoCal buys
    Hines finds a Penney among $250M in SoCal buys
    Original EBay president peddling pair of BH mansions
    Original EBay president peddling pair of BH mansions
    Original EBay president peddling pair of BH mansions
    Standard Communities Co-Founders Scott Alter and Jeffrey Jaeger; rendering of 2530 Crenshaw Boulevard in Hawthorne (Standard Communities, iStock)
    Standard gets turnkey deal on workforce housing
    Standard gets turnkey deal on workforce housing
    Niami’s ex in contract on Bel Air mansion with $28M ask
    Niami’s ex in contract on Bel Air mansion with $28M ask
    Niami’s ex in contract on Bel Air mansion with $28M ask
    Michael Shabani of Crown Equity and 9240 Robin Drive (Getty Images, Opendoor)
    Michael Shabani tops bidding for Bird Streets mansion
    Michael Shabani tops bidding for Bird Streets mansion
    Rexford co-CEOs Michael Frankel and Howard Schwimmer and 8911 Aviation Boulevard (Wexford Industrial, Google Maps)
    Rexford takes a flyer on Inglewood industrial
    Rexford takes a flyer on Inglewood industrial
    arrow_forward_ios

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

    Loading...