LONG BEACH, CALIF. — Sares Regis has acquired the 158-unit Pine@Sixth apartment community in Long Beach for an undisclosed sum. The community is located at 595 Pine Ave.
As its name suggests, Pine@Sixth is situated at the corner of Sixth Street and Pine Avenue in the North Pine district. It was built in 1986. The community also includes 8,661 square feet of ground-floor retail space.
The property’s previous owner, UDR, originally acquired the asset with the intention of converting it into condos before the recession hit. Pine@Sixth will undergo a significant capital improvement program to improve its mechanical systems, as well as update the exterior and façades.
The courtyard space will also be converted into an “entertainment and social space [that] will include a fire pit, water feature, landscaping improvements and expanded outdoor kitchen space,” according to Sares Regis. The leasing center will also be relocated, the fitness facility will be refurbished and one of the community’s laundry facilities will be converted into a dog-wash station.
This is the ninth apartment community purchased by Sares Regis Multifamily Fund I. The fund deployed $114 million for a total capitalization of more than $329 million. The fund acquired properties in Seattle, Denver, Portland, Ore., and Los Angeles, San Diego and San Jose, Calif., for a total of 1,377 multifamily units.