CBRE has successfully completed the sale of 2203 E. Bermuda St., a multifamily property located in Long Beach, for $2.7 million to a private investor. This transaction marks the first sale of the property since its construction in 1985.
Leading this deal were EVP Dan Blackwell, senior associate Trey Mitchell and associate Jack O’Connor who represented the buyer from Los Angeles County with an all-cash offer. The seller was also based in Los Angeles County.
According to Blackwell, “This is our third successful closing with our valued client.” He further added that they were able to source an excellent value-add opportunity for their client by securing a competitive bid among multiple offers and closing within just 21 days.
Mitchell stated that “The prime location of Belmont Heights along with its townhome layouts and vintage construction made this property highly attractive to our buyer.” Additionally, he mentioned how implementing a comprehensive renovation plan could increase rental income by almost 50%, resulting in an impressive cap rate of 7.86%.
This recent transaction showcases CBRE’s expertise and commitment towards delivering exceptional results for their clients through strategic investments opportunities like these apartments built over three decades ago.
