Northmarq completes $2.5M sale of Long Beach multifamily community
1980 Harbor Ave
LONG BEACH, Calif. — Northmarq’s El Segundo office brokered the $2.525 million sale of a low-rise apartment building located at 1980 Harbor Ave. in Long Beach, California. Built in 1964, the multifamily property features 10 units.
Parker Boehle and Brent Sprenkle represented the seller, MF Asset Management Inc. The buyer was Sunflower Equity LLC.
"The property sold for $247,500 per unit, which is the highest sale in this particular market in the last three years.” said Boehle. “The property did sell at a 6.75% cap rate with substantial upside, offering excellent long-term potential for the new buyer.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
