The 237-unit complex, built in 1963, is located at the intersection of Ximeno and Pacific Coast Highway in Long Beach. Lyon plans to renovate the property with significant interior upgrades, including cabinetry, appliances and washer/dryer installations in some units.
"Long Beach is a prime infill location and barrier to the entry market. The Long Beach market has seen double-digit rental raises in the last two years," says Sean Deasy, SVP with CB Richard Ellis' Ontario office who represented the buyer in the transaction.
Headquartered in Larkspur, California, Fowler Flanagan Partners represented itself in the transaction.
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