(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
LONG BEACH, CA-BPG Properties of Philadelphia has tapped Hendricks & Partners to market the Crossings at the Bay apartments, a 237-unit coastal property with 85% two- and three-bedroom units. According to listing brokers Dean Zander and Vince Norris of Hendricks & Partners, the property underwrites to a 5.5% proforma cap rate, “with room to grow.” They expect to appeal to a wide variety of investors, including REITs, value-add renovation experts, pension advisors, student housing operators, and high-net-worth private owners.
Crossings is BPGs only multifamily asset in California, according to the Hendricks & Partners team, who say that BPG decided to sell now because it is approaching the end of its hold period. Anew investor will be able to take advantage of the current favorable interest rate environment because there are no debt restrictions on the complex, Zander and Norris say.
The 13 building garden-style apartment community is located on over 6.5 acres in the neighborhood of Los Altos/Circle Area, adjacent to Anaheim Park Estates, where the first-quarter median home price was $1.4 million. It is also close to California State University Long Beach and has 200 feet of frontage along Ximeno Avenue, just north of Pacific Coast Highway and near several large retail centers.
Current two bedroom rent in the submarket is approximately $1,518, compared to the property’s current average two bedroom rent of $1,407. “There’s an opportunity for a new owner to make some improvements and upgrades, and increase rents to current market levels,” Zander and Norris say in their marketing package for the property, which calls for offers on Friday, July 22.
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