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Pacific Court Apartments Offering Memorandum Confidentiality and Disclaimer PACIFIC COURT APARTMENTS OFFERING MEMORANDUM CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. ACTIVITY ID: Y0130277 table of contents INVESTMENT OVERVIEW FINANCIAL ANALYSIS COMPARABLES MARKET OVERVIEW overview INVESTMENT OVERVIEW PROPERTY DETAILS PACIFIC COURT APARTMENTS Address 245 Pine Avenue Long City, State, Zip Beach, CA 90803 Price $89,990,000 Down Payment $89,990,000 Number of Units 211 Price/Unit $347,017* Rentable SF 222,977 Price/SF $509.63 Year Built 1992 / 2016 Cap Rate - Current 4.0% Cap Rate - Pro Forma 4.55% GRM - Current 18.90 GRM - Pro Forma 17.19 * Calculated using apartment NOI/pricing only. 211 units does not include the 9 retail units. 2 INVESTMENT OVERVIEW THE PROPERTY Marcus & Millichap is pleased to offer for sale Pacific Court, a luxury Pacific Court apartment homes was constructed in 1992 except for the 69 mixed-use community ideally located at 250 and 270 Pacific Avenue lofts, which were constructed in 2016. All units are condo mapped. and 245 Pine Avenue, in beautiful downtown Long Beach, California. This Class A property is comprised of 211 apartment homes and Pacific Court’s apartment homes offer high-end amenities and unique 34,251 square feet of retail space within one six-story building that interiors with one and two-bedroom units and two-bedroom loft floor also includes ample parking for residents, guests, and shoppers. plans with modern spiral staircases. All the two-bedroom units have two- bathrooms. The 69 lofts range from 1,015 to 1,340 square feet except for Pacific Court features modern architecture with unique extras, and seven lofts, which are just under 1,000 square feet. 59 of the lofts are single seven spacious floor plans with modern interiors and well-appointed level, while 10 lofts are double level. There is a total of seven different floor amenities. plans. Located in the very heart of downtown Long Beach, Pacific Court Residents enjoy numerous amenities at the property, including two represents an exceptional multifamily and retail investment opportunity beautifully landscaped courtyards, two elevators that service the building, a that is well positioned for long-term appreciation in a high-growth area convenient stairway to the retail shops, and a state-of-the-art fitness center of Los Angeles County. with free weights, cable television, treadmills, paramount machines, bikes and elliptical machines. The apartment homes at Pacific Court feature fully equipped all-electric modern kitchens, ceramic tile counter tops and European-style cabinets, spacious private patios and balconies, stackable washer and dryers, individual intruder alarms, wall-to-wall Berber carpeting in the living areas, and high-speed internet capabilities. Residents also HIGHLIGHTS enjoy on-site secured parking and the property offers a total of 255 spaces, creating ample space for residents and guests. Pacific Court’s ideal location • Institutional-Quality, Class A Property Located in Beautiful in downtown Long Beach and impressive apartment homes have allowed Downtown Long Beach the property to enjoy a history of less than three percent vacancy. • Property Includes 211 Apartment Homes and 34,251 Square Feet Pacific Court’s retail component totals 34,251 square feet of prime space of Retail Space With Nine Tenants on the first floors of the six-story mixed-use complex. In all, nine credit and local tenants occupy the space in the retail portion of the building. Three of • Stunning Architecture With 69 Brand New Lofts and Remodeled the major tenants include Chipotle, Johnny Rockets, and Sprint. Fitness Center There is a spacious leasing office on-site and the Pacific Court apartments • Extremely Low and Falling Single-Family Home Affordability in website is www.pacificcourtapt.com. Long Beach • Ideally Positioned Near Major Long Beach Employment Centers • Short Distances to a Multitude of Newly Constructed Retail and Entertainment Options 3 UNIT AMENITIES • All Electric Kitchens With Microwave, Dishwasher, and Garbage Disposal • Ceramic Tile Counter Tops and European-Style Cabinets • Spacious Private Patios and Balconies • Stackable Washer and Dryer for All Units • Fiberglass Shower and Bathtub With Glass Doors • Linen Closets and Vertical Blinds • Central Heating and Air Conditioning • Individual Intruder Alarms • Linoleum Floors in Kitchens and Bathrooms • Wall-to-Wall Berber Carpet in Living Areas • DSL/Cable Connections • Fully Sprinklered Units • Walk-In Closets (Two-Bedroom Units) • Wood-Burning Fireplaces (Selected Units) COMMON AREAS • Recreation Room With Pool Table, Television, Kitchenette With European Cabinets, and Seating Area • Fitness Center With Free Weights, Cable Television, Treadmills, Paramount Machines, Bikes, and Elliptical Machines • Two Courtyards With Patio Furniture and Gas Barbeque Grills • Two Elevators • Trash Chute on Each Floor • Convenient Stairway to Retail Shops and Pine Avenue • Two Vending Machines 4 MAIN AND MAIN LOCATION Situated on a prominent corner on Broadway Avenue and located at the epicenter of a vibrant 24-7 community, Pacific Court Apartments is truly located at the focal point of the market. It’s easy access to the Metro, freeways, and major local arterials provides ideal routes of transportation to anywhere in the region for work or play. PERFECTLY POSITIONED IN THE HEART OF DOWNTOWN LONG BEACH Downtown Long Beach’s central location amongst Downtown LA, West Los Angeles and Orange County make it ideal for commuters and businesses alike. WALKABILITY AND LIFESTYLE Pacific Court Apartments is situated in an amenity rich location. The property is only two blocks from the beautiful Pacific Ocean, the 1st Street Metro Station, four blocks from Von’s Supermarket and sits among approximately 105 restaurants and bars in Downtown Long Beach. Numerous shops and destinations like The Aquarium of the Pacific, The Pike at Rainbow Harbor, Pine Avenue and 4th Street’s Retro Row are within easy walking distance. The opening of The Pike at Rainbow Harbor brought 350,000 square feet of retail, dining, and entertainment space to the waterfront in downtown Long Beach. The Pike at Rainbow Harbor includes a 14-screen Cinemark theatre and a Sega Gameworks, along with various national restaurants and retailers. In addition, newly built residential developments and increased entertainment venues are strengthening the demand for restaurants downtown. Along pedistrian-friendly Pine Avenue, historic buildings reborn as studio lofts, outdoor cafes, office space, and retail boutiques prosper and drive interest in the area. Its proximity to the multitude of praised culinary hot-spots and entertainment venues will provide residents with highly desirable lifestyle amenities right outside their front door. FLOOR PLANS PLAN C PLAN D PLAN B PLAN A TWO-BEDROOM/TWO-BATHS TWO-BEDROOM/TWO-BATHS ONE-BEDROOM/ONE-BATH TWO-BEDROOM/TWO-BATHS 972 - 1,019 SF 1,067 - 1,154 SF 987 SF 662 - 722 SF 11 FLOOR PLANS DROP LEVEL LOFT FLAT LEVEL LOFT DUAL STORY ONE-BEDROOM/ONE-BATH ONE-BEDROOM/ONE-BATH TWO-BEDROOM/TWO-BATHS 1,100 - 1,250 SF 1,000 - 1,050 SF 1,200 - 1,325 SF 12 MAP CITY PLACE MALL PINE AVENUE PINE PACIFIC AVENUE PACIFIC EAST VILLAGE ARTS DISTRICT
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