8 Unit Alamitos Beach project
LMDG Real Estate Value Fund II, LP has acquired its first asset, an 8 unit value-add apartment building located in Alamitos Beach (Long Beach, CA). The property was acquired at approximately 60% of replacement cost and is operating at rents 40% below market.
The property is strategically located near Long Beach's Retro Row, a unique eclectic enclave of approximately 100 independently owned and operated businesses that offer goods, restaurants, and entertainment.
LMDG will renovate and stabilize the property (rent-at-market) at which time we estimate the value to be in the $2.9m - $3.2m range.