|Number of units||160|
JLL, as exclusive advisor, is pleased to present Sofi at 3rd (the “Property” or “Sofi”), a 160-unit, 100% market rate, core plus multi-housing investment opportunity in Long Beach, California. Positioned in the heart of Downtown Long Beach, residents benefit from convenient access to local retail, an abundance of employment centers, and award winning education. A new owner can increase revenue by continuing the extensive interior renovation program implemented by current ownership and further enhancing community amenities.
- Irreplaceable California Beach Adjacent Location: One of just three major Californian cities with waterfront urban cores, Long Beach provides a rare blend of walkability and coastal amenities centrally located between Los Angeles and Orange County.
- Value-Add Potential In An Urban Setting: Current ownership has implemented a value-add strategy to 115 units (72%), which new ownership can continue, as well as install washer/dryers (investors to perform own analysis on feasibility) and technology packages to all units.
- Resilient Location Fuels Continued Multi-Housing Demand: Long Beach’s affordability relative to central and westside submarkets is appealing to renters who are looking to cut costs and minimize risk.
- Access To Diverse Employment Centers: Sofi at 3rd is ideal for a strong demographic seeking unique coastal neighborhood amenities with efficient access to the region’s most bustling job centers, such as South Bay, Silicon Beach, and DTLA.
- DTLB’s Full-Scale Transformation Poised for Ongoing Economic Growth and Demand: Long Beach has received recent public and private investment exceeding $3.0B, creating one of the most exciting and dynamic markets in Southern California with outsized, long term growth potential.
- Attractive Basis Below Reproduction Costs: Sofi provides investors with the rare opportunity to acquire a value-add property in a high barrier to entry market at an attractive basis below reproduction cost.