IRA Capital Expands California Multifamily Portfolio with $42 Million Long Beach Acquisition
December 6, 2021
IRA Capital (“IRA”) is pleased to announce its $42 Million acquisition of the Long Beach Collective, a 155-unit multifamily portfolio comprising 17 properties primarily located in the North Alamitos Beach submarket of Downtown Long Beach. The Portfolio was acquired off-market at an attractive basis of $270,000 per unit and was 99% occupied at closing. As part of its business plan, IRA Capital is exploring the addition of up to thirty-three (33) Accessory Dwelling Units (ADUs) to the Portfolio to further enhance affordable housing opportunities in the area. John Alden of Alden Pacific Investments represented IRA in the acquisition. According to Alden, “Long Beach has received hundreds of millions of dollars of investment over the last several years, in a variety of different sectors, and continues to benefit from strong underlying economic factors.”Earlier in the year, IRA Capital closed on a $40 million apartment portfolio in Orange County. Since 2012, IRA Capital has acquired a total of 863 residential units totaling over $186 million. IRA Capital currently owns 300 apartment units in Southern California and intends to further increase its investment into the multifamily asset class both locally and nationally. According to IRA Capital co-founder Amer Kasm, “IRA has always believed in the fundamentals of multifamily as an asset class and feels that now is a great time to continue growing our investment in the sector. The Long Beach Collective offered IRA Capital a unique opportunity to purchase a strong performing portfolio of apartment communities that also helps the city meet its stated goal of continuing to build and maintain affordable housing.”IRA Capital has been strategically active in the past six months after having sold a $700 Million healthcare real estate portfolio in August. IRA Capital acquired the Live Nation concerts division headquarters in Beverly Hills for $153 million in October and recently acquired 2722 Michelson in Irvine for $103 Million. IRA Capital is continuing to expand its real estate portfolio and expects to continue diversifying across sectors including healthcare, office, and multifamily – with approximately $1 Billion of acquisitions planned before year-end.
About IRA Capital
IRA Capital is a Southern-California based private equity firm founded in 2010 that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, and family offices. IRA Capital invests in commercial real estate assets throughout the United States and also has a private equity/venture capital platform that invests in operating companies across various sectors. Headquartered in Irvine California, IRA Capital has acquired over seven million square feet of property across 30 states, valued in excess of $2.5 Billion.
For more information, please contact:
Danielle de Souza, IRA Capital Corporate Communications
ddesouza@iracapital.com / 949.612.2742
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