Long Beach Gardens complex sold for $3.8M

Long Beach Gardens, a two-story apartment complex in Long Beach, has been sold for $3.8 million, according to brokerage Cushman & Wakefield.

The complex, located near the beach and boardwalk at 421-433 East Broadway, has 26 rental units with 21 of those serving as studio apartments. The 14,000-square-foot property is 93 percent occupied and recently underwent “capital improvements” including electrical work and renovation of its laundry room.

Omega Long Beach LLC purchased the property from 421 Broadway Lb2 Holding LLC. The sale closed Thursday morning.

“Being surrounded by luxury townhomes, co-op/condominium buildings and local hotels, gives the asset significant long term appreciation,” Daniel Abbondandolo, a director with Cushman & Wakefield said in a statement.

The seller was represented by Abbondandolo and Kevin Schmitz.