LONG BEACH, CA, February 14, 2020 – The Leeson Group a leading commercial real estate team part of Marcus & Millichap, announced today the sale of 1055 Newport Avenue, a 13-unit apartment property located in Long Beach, CA.
Tyler Leeson, Senior Managing Director in Marcus & Millichap’s Newport Beach office stated, “The Long Beach market continues to attract investors from out of the area and remains an affordable apartment option within Southern California. Given our reach throughout the region, we were able to produce great results for the seller.”
The asset sold as is for $3,950,000 with just a 14-day due diligence period. Matthew J. Kipp and Tyler Leeson, investment specialists in Marcus & Millichap’s Newport Beach office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by Greg Bassirpou, an investment specialist in Marcus & Millichap’s Newport Beach. The transaction represented The Leeson Group’s 16th closing this year bringing the team’s total transaction volume as of February 2nd to over $69 million.