Ensemble Real Estate Investments has sold 442 Residences, a 94-unit multifamily property in Long Beach, Calif., for $48.5 million. Los Angeles-based MWest Holdings was the buyer. Ensemble developed the luxury asset in 2019.
The property’s sale price of $515,947 per unit is notably higher than the metro’s average from last year. A report covering the first three quarters of 2021 noted that transactions averaged $371,385 per unit.
The community offers a range of loft-style studio, one- and two-bedroom apartments, with floor plans between 524 and 1,106 square feet. Units feature lofted ceilings of up to 11 feet, oversized windows, stainless steel appliances, and smart thermostats. Community amenities include an outside movie lounge, a pizza oven, a fitness center, electric vehicle-charging stations, and a café.
442 Residences is 1 mile west of Alamitos Beach at 442 W. Ocean Blvd. The community is positioned near the Long Beach Convention & Entertainment Center and is just north of the dining district along West Shoreline Drive.
Southern California Heating Up
While rent growth has exploded across the country in the past year, most of Southern California — including the wider Los Angeles metro — have seen double-digit rent growth in 2021. While rent growth is likely to decelerate this year, L.A.’s multifamily inventory continues to attract capital. Last year between January and August, investment punched north of $2.5 billion, the highest in the state, Multi-Housing News reported.
In just the last few weeks, a number of major multifamily deals have closed in the area. MWest, long focused on the market, traded a 306-unit asset in Paramount, Calif., for $128.5 million, The Registry reported. Around the same time, a West Hollywood community sold for $100 million, according to the Los Angeles Business Journal.