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LONG BEACH, CALIF. — IRA Capital has acquired the Long Beach Collective, an apartment portfolio of 17 properties in the North Alamitos Beach submarket of downtown Long Beach. An undisclosed seller sold the property for $42 million, or $270,000 per unit.
The portfolio includes 17 properties with a total of 155 units. At the time of closing, the portfolio was 99 percent occupied. IRA Capital is exploring the addition of up to 33 accessory dwelling units to the portfolio to further enhance affordable housing opportunities in the area.
John Alden of Alden Pacific Investments represented IRA in the acquisition.