Downtown Long Beach Apartment Property Sells for Just Under $10 Mil

A Westchester, CA-based private investor paid $9.7 mil for Ocean Plaza, a 44-unit ($220.5k/unit) apartment property within the East Village Arts District of Downtown Long Beach. The property was sold by Santa Monica-based Joda Investments.

Built in 1956 and located at 633 E. 1st St on just over one-half acre, the property consists of three, two-story buildings with a pool in its center courtyard. It features a mix of 18 one-bedroom units and 26 studio units. The property recently underwent light renovations, including remodeled kitchens.

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