Newmark 1 announces it has completed the sale of 442 Residences, a newly constructed, 94-unit luxury multifamily community in Long Beach, California for $48.5 million or approximately $515,957 per unit. Newmark Co-Head of Capital Markets Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein represented the seller, Ensemble Real Estate Investments, in the transaction. The buyer was MWest Holdings.
“442 Residences offers newly constructed, modern units in an ideal beachfront community just steps from numerous shopping, dining and entertainment options,” said Benton.
Shannon added, “Long Beach presents tremendous value compared to other coastal markets with its deep walkable amenity base. Demand has and will continue to grow, fueling attractive rent growth in this submarket.”
Ensemble, a full service national real estate firm whose portfolio includes multiple properties in Long Beach, completed 442 Residences in 2019. Located at 442 W. Ocean Boulevard in Long Beach, the building features refined, loft-style units with approximately 10-foot ceilings, upgraded oversized windows, and oversized balconies with wraparound outdoor terraces that double as outdoor living rooms. The building also offers a spacious rooftop deck providing ocean and downtown views.
“Ensemble is pleased to complete our first full-cycle multifamily development within our growing platform, which includes 1,200 units breaking ground in 2022,” said Tyson Sayles, Principal Multifamily & Mixed-Use Properties. “We remain committed to our roots in Long Beach and look forward to opening our newest addition to the downtown community, The Magnolia, a 142-unit amenity-focused luxury multifamily development arriving in April.”
Centrally located between Los Angeles and Orange County, Downtown Long Beach is easily accessible to all major employment centers. 442 Residences’ transit-oriented location is one block from the Blue Line Metro, just 15 minutes from Long Beach Airport, and easily accessible to the nearby 710, 405, 605, 105, 5 and 110 freeways. With a Walk Score of 92, 442 Residences is surrounded by a wide array of shopping, dining and entertainment options all within a short walk of the property.
Muhlstein concluded, “Long Beach has seen over $3 billion in recent private and public investment, creating the most exciting and vibrant downtown revitalization in all of Southern California.”
U.S. multifamily investment sales volume reached an unprecedented $148.9 billion in the fourth quarter of 2021, according to Newmark Research. Annual sales volume rose to a record high of $335.3 billion, an increase of 128.2% year-over-year. Investment as a percentage of the overall US commercial real estate market rose to 41.5% in 2021, the highest allocation to multifamily on record. Absorption surged to 673,478 units in 2021, far outpacing the new supply of 358,734 units. Strong demand over the trailing 12 months in Los Angeles, New York and Washington, D.C. is an encouraging sign of momentum in large, supply-constrained markets.
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