Press Releases
Marcus & Millichap Negotiates the Sale of an Eight-Unit Apartment Property in Long Beach, California
April 03, 2024
LONG BEACH, Calif., April 3, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of an eight-unit apartment property located in Long Beach, California. The asset sold for $2,375,000.
“The seller’s motivation to sell this property was to fulfill their 1031-exchange,” said Greg Bassirpou, senior vice president investments in Marcus & Millichap’s Orange County office. “This posed well for the buyer who found themselves in the position to acquire a mostly turn-key property that is situated within walking distance of Retro Row. Apart from the excellent location and capital improvements, the property still offers significant upside.” Michael Toveg, senior vice president for the Stepp Commercial Group of Keller Williams Advisors, represented the seller, WSC Investments Partners, LLC. The buyer, Dawson 4th, LLC, was procured by Bassirpou.
The property, which was recently renovated, is located at 2200 East 6th Street in Long Beach, California. The unit mix consists of six (6) two-bedroom units and two (2) three-bedroom units totaling approximately 7,154 square feet.
“The seller’s motivation to sell this property was to fulfill their 1031-exchange,” said Greg Bassirpou, senior vice president investments in Marcus & Millichap’s Orange County office. “This posed well for the buyer who found themselves in the position to acquire a mostly turn-key property that is situated within walking distance of Retro Row. Apart from the excellent location and capital improvements, the property still offers significant upside.” Michael Toveg, senior vice president for the Stepp Commercial Group of Keller Williams Advisors, represented the seller, WSC Investments Partners, LLC. The buyer, Dawson 4th, LLC, was procured by Bassirpou.
The property, which was recently renovated, is located at 2200 East 6th Street in Long Beach, California. The unit mix consists of six (6) two-bedroom units and two (2) three-bedroom units totaling approximately 7,154 square feet.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
