Pacific Sands Closes on Two Adjacent Off Market 8-unit Buildings in the Wrigley Area of Long Beach, CA
LONG BEACH, CALIFORNIA, USA, October 6, 2021 /EINPresswire.com/ — Pacific Sands Funds, a privately held real estate investment firm focused on the U.S. residential market, announced today that the principals closed on two unique properties in the Long Beach area of Southern California. This is Pacific Sands first acquisition in Long Beach in nearly 4 years. Anthony Walker from Buckingham Investments represented the buyers of both properties. The renovation plan for both properties is to add four total studio ADUs in the garages of both buildings to increase the overall value of the investment.
These investments mark the group’s return to California, a state that has the second-lowest rate of homeownership and the greatest concentration of over-crowded housing in the nation according to the Los Angeles Times.
“With the passing of the statewide rent control laws 2018, we decided to move our efforts to the Midwest,” said Ryan Mansour, Managing Partner and Chief Strategy Officer of Pacific Sands. “However, with increasing price stabilization and the new ADU laws passed by California buying value add assets in the state is attractive again. We are glad to be back in So. Cal and these two assets will be a test pilot for the ADU concept, and we plan on working with Buckingham Investments to aggressively add more units to our portfolio in 2022.”
For more information about Pacific Sands, visit www.pacificsandsfunds.com.
Pacific Sands Funds is based in Irvine, CA and the principals have built a personal portfolio of over 500 units in Southern California, Wichita, St Louis, and Kansas City over the last 10 years. The principals of Pacific Sands have also raised four previous funds with an average of a mid-30% internal rate of return upon disposition.
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