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The Mogharebi Group has arranged the sale of Fountain View Apartment Homes, a 153-unit community in Long Beach, Calif., for roughly $47.1 million. Canyon Capital Realty Advisors sold the property, according to Yardi Matrix data. The Mogharebi Group represented the seller. The asset last traded in late 2018, for 36.5 million.
The community, which was 98 percent occupied at the time of the sale, is located at 2301 E. Market St., 20 miles south of downtown Los Angeles. Long Beach Airport is some 4 miles south, while the Port of Long Beach is 12 miles away. The Lakewood Center shopping mall is less than 2 mile to the east, with several smaller retail and dining options within walking distance.
Built in 1986 on a 2.5-site, Fountain View consists of 14 buildings with studio, one- and two-bedroom townhomes. Amenities include a dog park, a swimming pool, laundry rooms, storage area and garage parking. The property recently underwent a multimillion-dollar renovation program updating building exteriors, common areas and the units.
The property’s location is in an area with a supply and demand imbalance that has potential for investment and future rent growth, TGM Senior Vice President Mike Marcu said in prepared remarks.
After the initial shock following the COVID-19-induced downturn, Los Angeles multifamily make slow but steady gains, bringing rent growth above pre-pandemic levels. The average rate for the metro was up 12.6 percent year-over-year as of March, close to the 14.8 percent U.S. rate, according to a recent report.
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