Greystar Real Estate Partners acquired a 211-unit apartment complex in Long Beach, with extensive upgrades on the property planned.
The Pacific Court Apartments also includes 35,000 square feet of retail, a 400-vehicle underground parking garage, a fitness center, dog wash, business center, poker room and clubhouse, according to a Greystar release announcing the acquisition.
The South Carolina-based firm, which focuses on multifamily investment, did not disclose purchase price, but said it acquired the complex “at a discount to both replacement cost and recent transactions in the area.” The property, located at 250 Pacific Ave., traded for $2.3 million in 2003, property records show.
Its latest owner is listed as Long Beach Pacific Court Apts LLC, an entity tied to real estate firm Meruelo Group, led by hotelier Alex Meruelo.
Neither Greystar nor Meruelo Group responded to immediate requests for comment.
Greystar is planning an extensive renovation to every unit in the building, with the first phase focusing on replacing the existing plumbing, plank flooring, counter surfaces and paint. It also will update the common areas.
In the release, the company said it plans on adding value to the transit-oriented property. Los Angeles has been seeing a flurry of projects taking advantage of its Transit-Oriented Communities program, which provides incentives to developers who build near transit hubs and set aside affordable units in their residential developments.
In October, Long Beach city officials said they would bar high-density developments in the coastal community.