Investors Find Higher Apartment Rents in Alamitos Beach Market

Alamitos Beach is among the most sought-after neighborhoods in Long Beach. Apartment rents in the submarket are 19% higher than the rest of Long Beach, and as a result, is a target market for investors. Private investor Vamidi recently picked up a six-unit apartment complex in the market from a Long Beach-based private investor at a 4.3% cap rate or $433,000 per unit.

The property has five two-bedroom units and one three-bedroom unit. The units feature refurbished hardwood floors, built-ins, updated kitchens and baths and tile fireplaces. The property also includes eight parking spaces, which is rare for the neighborhood.

Principal Robert Stepp and SVP Michael Toveg of Stepp Commercial represented the seller in the deal.