Luxury multifamily property 442 Residences, in Long Beach, has sold for $48.5 million.
Sherman Oaks-based MWest Holdings purchased the 94-unit property at 442 W. Ocean Blvd. from Ensemble Real Estate Solutions & Investments, which has an office in Long Beach.
Newmark Group Inc.’s Kevin Shannon, Ken White, Chris Benton and Anthony Muhlstein represented the seller in the transaction.
The property was built in 2019 and features high ceilings, large windows and balconies.
In a statement, Benton said, “442 Residences offers newly constructed, modern units in an ideal beachfront community just steps from numerous shopping, dining and entertainment options.”
The property is Ensemble’s first as part of its new platform.
“Ensemble is pleased to complete our first full-cycle multifamily development within our growing platform, which includes 1,200 units breaking ground in 2022,” Tyson Sayles, a principal at the company, said in a statement. “We remain committed to our roots in Long Beach and look forward to opening our newest addition to the downtown community, The Magnolia, a 142-unit amenity-focused luxury multifamily development arriving in April.”
The Long Beach market has been incredibly desirable, experts agree.
“Long Beach has seen over $3 billion in recent private and public investment, creating the most exciting and vibrant downtown revitalization in all of Southern California,” Muhlstein said in a statement.
And experts think interest in Long Beach will continue.
“Long Beach presents tremendous value compared to other coastal markets with its deep walkable amenity base. Demand has and will continue to grow, fueling attractive rent growth in this submarket,” Shannon said in a statement.
Multifamily properties have been in high demand. In the fourth quarter, there was $148.9 billion of multifamily sales nationwide, according to data from Newmark.
The brokerage multifamily sales represented 41.5% of all commercial real estate investment, the highest on record.
Absorption, meanwhile, increased to nearly 674,000 units, which outpaced new supply.
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