LONG BEACH, CA – The Mogharebi Group, ("TMG") has completed the sale of Pacifica Cove, a 55-unit community in Long Beach. The property sold for $16,968,000 which equates to $308,409 per unit or $350 per square foot with numerous offers. Mike Marcu of The Mogharebi Group represented the seller, a Southern California-based investor.
"Pacifica Cove is condo mapped and 100% occupied with strong cash flow and value-add upside. As a result, this Long Beach community presented the Buyer with a tremendous opportunity to increase his returns, and perfectly fit their investment criteria", said Mike Marcu, Senior Vice President of The Mogharebi Group. " It was our proprietary 1031 exchange platform, of private high net-worth and exchange buyers, that ultimately procured a private investor who was in a 1031 Exchange and purchased the property as his up-leg.”
Built in 1969, Pacifica Cove Apartments is a two story, 55-unit apartment community that is condo mapped. The property is located on Ackerfield Avenue in Long Beach, CA and comprises 5 residential buildings totaling 46,820 rentable square feet. The complex is situated on a 1.9-acre site. The apartment homes feature spacious floor plans with an average size of 851 square feet. The property boasts a swimming pool, covered parking, controlled, access, sun deck, and BBQ areas.