Lee & Associates Transacts 358-Unit Multifamily Sale in Long Beach
Torrance, CA – February 27, 2012 – (RealEstateRama) — Jim Fisher and Mike Smith, principals of Lee & Associates-LA North/Ventura, Inc., transacted the sale of Southwood Gardens, a 358-unit multifamily asset at 5601 Paramount Ave. in Long Beach, Calif.
Fisher and Smith, represented both the buyer, Interstate Equities Corporation., a private fund based in Los Altos, Calif., and the seller, a partnership of JH Real Estate Partners, in the off-market transaction.
Additional terms of the transaction were not disclosed.
“IEC is excited to add Southwood Gardens to its local portfolio, which already includes the 149-unit Olivewood Apartments in Lakewood,” said Fisher. “This acquisition will allow them to take advantage of greater economies in managing both assets. Income at Southwood Gardens has been steadily improving, and the location and unit mix, coupled with the fact that this property is not rent-controlled made the asset very attractive.”
Southwood Gardens, consists of 33 two-story buildings on 33 individually deeded lots and a total of 358,000-square-feet. The property includes 12 1-bedroom/1-bath Jr. units; 58 1-bedroom/1-bath units; 7 1-bedroom/1-bath townhomes; 12 2-bedroom/1-bath Jr. units; 80 2-bedroom/1-bath units; 125 2-bedroom/1.5-bath units; 6 2-bedroom/2-bath units; 2 3-bedroom/1- bath units and 56 3-bedroom/2-bath units.
About Lee & Associates – LA North/Ventura, Inc.
Celebrating more than 33 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 46 offices in California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and ma rket research. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800 or visit us online at www.lee-associates.com.