Fund I Sells Downtown Long Beach Community, Pine at 6th
Sares Regis Multifamily Fund I sold Pine at 6th on March 21, 2019 to a California based private investor for $48,900,000 ($309,494 per unit). This disposition is the last sale in a series of successful dispositions of Fund I properties. In December 2014, The Fund acquired Pine at 6th, a 158-unit Class B three-story podium-style apartment community for $42,279,820 ($267,595 per unit). Built in 1987, the property is situated on 1.4 acres atop ground floor retail fronting Pine Street and is located in downtown Long Beach just off the 710 freeway. The property is anchored by a strong employment base including Molina Healthcare, City of Long Beach, the Long Beach Unified School District, and multiple logistics companies given their proximity to the Ports of Long Beach and San Pedro.
The value-add renovation plan focused on unit interiors, which were completed on natural turnover, added resident amenities including a package system and dog wash, and upgrades to common areas – all of which were completed under budget. The Fund filled onsite retail with long term tenants that serve as additional amenities to the residents.