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Irvine investor acquires Long Beach apartments for $46 million

January 06, 2013|By Roger Vincent
  • The 206-unit Landing at Long Beach apartment complex.
The 206-unit Landing at Long Beach apartment complex. (Western National Realty…)

Irvine developer Western National Realty Advisors bought a 206-unit apartment complex in Long Beach for $46 million.

Western National bought the property at 1613 Ximeno Ave. from Archstone, a Colorado apartment developer and operator. The new owners named the complex built in the 1980s the Landing at Long Beach.

Western National plans to update the 145,000-square-foot garden-style complex, said Jerry LaPointe, vice president of Western National Realty Advisors, an affiliate of apartment investor Western National Group.

The acquisition is the sixth in Western National’s Fund II, La Pointe said. “We are actively pursuing additional acquisitions.”

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