Golden Bee Properties has acquired a two-property apartment portfolio in Long Beach for $37 million. Southfield West and Southfield East Apartments make up the two-property portfolio, which totals 143 units. The seller was an unnamed private investor that has owned the properties for decades.

Located in a northern area of Long Beach, neither of the properties has been renovated, creating significant upside potential in the assets. In addition, the properties are located in a supply-constrained market. No market-rate properties with 50 units or more have been built in more than three decades, and none are currently under construction, according to Tyler Leeson, executive managing director investments in Marcus & Millichap's Orange County office, one of the brokers that worked on the deal.

Leeson, along with Marcus & Millichap's Kevin King, Nick Kazemi and Matthew Kipp, and Institutional Property Advisors' Joseph Grabiec, Kevin Green and Greg Harris represented the seller in the transaction.