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TORRANCE AND LONG BEACH, CALIF. — CBRE has brokered the purchases of five multifamily properties in Torrance and Long Beach, totaling $17 million. The transactions fulfilled the buyer’s 1031 exchange requirement following the sale of a 3.8-acre property in Torrance.
Dan Blackwell and Trey Mitchell of CBRE Multifamily SoCal represented the San Diego-based exchange buyer. The properties were sold by five different private sellers.
The transactions include:
- The $4.8 million purchase of 1751 Cabrillo Ave., a 11-unit property in Torrance. Built in 1964, the two-story, 8,555-square-foot building features a mix of one-, two- and three-bedroom units. Community amenities include an onsite laundry facility.
- The $3.8 million acquisition of 927 Daisy Ave., a 16-unit property in Long Beach. Built in 1964, the 13,641-square-foot building features all two-bedroom/one-bath units.
- The $2.4 million purchase of 908 Roswell Ave. in Long Beach. Built in 1965, the 5,799-square-foot property features two- and three-bedroom units.
- The $2.4 million acquisition of 1512 E. Florida St., a seven-unit building in Long Beach. Built in 1964, the 5,834-square-foot property features six two-bedroom units and one three-bedroom units.
- The $3.6 million purchase of 477 E. South St., a 16-unit asset in North Long Beach. The 9,840-square-foot building features all two-bedroom units. The property was built in 1961.