Elevate Long Beach

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    Built in 1991, Elevate Long Beach is a mixed-use building consisting of 160 apartment units and 14,605 square feet of retail space located in Downtown Long Beach. It is a 5-story mid-rise community, comprised of a desirable unit mix of studios, one-bedroom, and two-bedroom units, averaging 700 square feet, and offers amenities, such as a rooftop sky deck, fitness center, business center, pool, yoga studio, and more.

    The retail space is currently vacant, and the City of Long Beach has confirmed the feasibility of converting this space into 11 residential studio units. With a walk score of 96, its immediate access to dining options, retail stores, the shoreline, and local attractions, the property is conveniently located for residents.

    The property also provides approximately a 20% discount in rent compared to Downtown Long Beach's new construction properties. Its location combined with desirable unit interiors and affordability will allow the property to foster continued demand. The prior owner, Pacific Urban Residential, has owned the property for seven years. During their ownership, they executed a value-add plan, by renovating 115 units (72%) with stainless steel appliances, hard surface countertops, custom cabinetry, and vinyl plank flooring. Gelt plans to complete the renovation of the remaining 45 “classic” units which will result in an estimated rent premium of $170/unit/month.

    Gelt will also re-purpose or re-lease the vacant retail space. In addition, common area enhancements to the rooftop sky deck, pool area, elevator cabins, and exterior painting will be made. With the continued growth in Downtown Long Beach, our value-add strategy, our local expertise, and our outstanding relationship with our third-party management company AMC, we expect to increase rental income by $325,000 annually and to be able to offer interior finishes and amenities that are comparable to new construction apartments in the area but at a more affordable price.