400th Career Closing | Long Beach Development
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300 Alamitos Ave
Overview
The LAAA Team of Marcus & Millichap is pleased to announce the successful closing of 300 Alamitos Avenue in Downtown Long Beach, California, which marks our 400th career closing! This offering was a fully entitled 71 unit multifamily development in Prime Alamitos Beach which sold to an affordable developer. Please read below for a detailed deal story.
Deal Story
This deal's journey began in June 2019 when we first met the seller of this property while competing for the listing. During that time, the real estate market was booming, and we recognized the immense potential of the property's prime Long Beach location. However, the seller decided to list the property with a competing brokerage firm, opting for an unpriced listing strategy in August 2019. Fast forward to late 2021, after more than two years on the market, the property remained unsold, likely to do with the negative affects COVID had on the market. At this point, the seller reached out to us, and we gladly took over the listing in early 2022.
In March 2022, we introduced the property to the market with a price of $5,250,000. However, we encountered unforeseen challenges, with potential buyers expressing concerns about the costly 3-level subterranean parking required by the project's plans. Despite these obstacles, our dedicated efforts paid off when we received a strong offer from a buyer represented Mike West of Inland West Brokerage. This buyer, an affordable housing developer, had a different perspective on construction costs, making them an ideal match for the property.
After opening escrow on Halloween day 2022 at $4,900,000, the buyer diligently proceeded per the terms of the purchase contract without requesting any price reductions or credits, thanks to in part by the great team work between our listing team and Mike West's team representing the buyer. Although there were slight delays, we are thrilled to confirm that our escrow closed today, nearly four years after our initial interaction with the seller.
The seller is extremely pleased with the outcome of this sale and plans to exchange into...
