City Place Apartments

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City Place Apartments

Property:

221-unit luxury apartment project constructed above over 76,000 square feet of street level retail.

Location:

Downtown Long Beach, CA

Financing:

The principals of HRC arranged the sale of this newly constructed “Class A” apartment project, during lease up, to an apartment REIT. The $44 million purchase price represented an approximate 5.8% cap rate on Year 1 proforma NOI.