The Loma View Apartments, located at 1751 Loma Avenue, is a 24-unit value-add asset in the Eastside/Traffic Circle area, a central, accessible and highly-sought-after rental location in Long Beach. The balcony-style building offers a mix of sizable (4) three-bedroom/two-bathroom, (10) two-bedroom/two- bathroom, (8) two-bedroom/one-bathroom and (2) one-bedroom/one-bathroom units with on-site laundry, ample parking and a community swimming pool. Located in a convenient and accessible location with a changing demographic. This demographic is looking for higher-end amenities found in the brand new buildings in Downtown Long Beach and near the shoreline, but with the accessibility of the Traffic Circle location and its close proximity to major thoroughfares leading to nearby employment opportunities and retail amenities for daily errands and living needs. This is an excellent repositioning opportunity to capture a more affluent demographic. The existing pool area and central courtyard area provides an excellent opportunity for repositioning to appeal to this more affluent demographic coming into the area. In addition to the community areas, one unit has been fully renovated to demonstrate the potential for upgrading all units to capitalize on the area's increasing market rents. The Loma View Apartments offers investors a rare opportunity to own a value-add asset with 20%+/- rental upside potential in a rapidly developing and central submarket.
|--||New Value: $7,400,000|
|5/15/2019 11:16:58 AM||New Value: $7,400,000|
|4/18/2019 3:49:00 PM||New Value: $7,850,000|