237-Unit Complex Hits Market at $40M Asking

(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.