We’ve been promoting and investing in Long Beach for several years now and the proof is in the pudding, as they say. According to the 2021 Apartment Guide Rent Report, Long Beach saw the 3rd highest, year over year rent increase for one-bedroom apartments in the 100 largest metro areas in the Nation! In fact, half of the top 25 cities in terms of rent growth are in California. Although we have not seen much turnover in our SoCal units, the ones that have turned over have been rented within a month and typically for higher than pre-covid rents. With construction and development still at all-time highs, we are continuing to ride this investment wave through Long Beach.
Furthermore, Long Beach continues to be at the center of attention with the Supply Chain Crisis affecting most of the United States. The Federal Government has earmarked $7.5 billion investment for U.S. ports. With the Port of L.A. and the Port of Long Beach being ranked the #1 container port in the Western Hemisphere, the Long Beach Business Journal, states L.A. and Long Beach ports will be a top priority.
8455 Eton Ave
After an arduous and lengthy decision process, we have decided to close down the Foundation at the Eton House and put the property on the market. With large properties containing ADU space such as this and selling at a premium, we feel it is a good time to sell and 1031 Exchange this property into a small apartment building. Refer to a previous Blog about 1031 Exchange to learn more about this valuable and legal method of deferring capital gains tax on Real Estate.
Despite the transition, we have helped find other homes for the women and children who have lived here and utilized our services on their path to recovery.
Check out a video tour with drone footage!