The Union 5 apartment community in Long Beach, California has sold for $13,750,000 in a transaction structured by Kidder Mathews. The firm’s Executive Vice President Darin Beebower and First Vice President Mark Ventre represented both the buyer and seller.
The 34-unit, 25,056-square-foot property is located at 1821-27 East 5th Street, just one block from trendy Retro Row and less than a mile from the beach. Built in 1960 and completely renovated in 2018, Union 5 one of the most unique mid-century assets in Long Beach in the 4th Street Corridor.
“The challenge was to find a buyer willing to pay a market-making price in a worsening interest rate environment,” said Ventre. “During the marketing process, we highlighted the fact that not only was the building beautifully renovated, there was also attractive assumable financing.”
“Ultimately, we found an ideal buyer in a 1031 exchange with the right amount of equity proceeds and debt requirements they needed to replace,” said Beebower.” While agency loans can be a challenge to assume, we were able to close escrow in 60 days, resulting in the highest price per square foot in the history of Long Beach for any building 15-100 units built between 1950 & 2018.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.
