Three urban town home (UTH) developments are coming to Long Beach with more in the pipeline. Alamitos Bay Partners – a joint development venture between Scott Choppin, founder and chief executive officer of Urban Pacific Multi-Housing LLC, and private investors Neal Thompson and David Sazegar – is behind the projects.
“This UTH offer was specifically designed to house large, dual and multi-generational urban families. Many of these families that are attracted to this housing type are already living as an economic unit,” Choppin said. “It’s going to be somewhere between two and four wage earners and somewhere between two and five young people.”
Rents for a five-bedroom town house could range from $2,600 to $2,800 per month, which normally would not place the unit in the “moderate” column in terms of pricing. However, with the model of targeting large, multi-income families, Choppin argues the units will be affordable for what they are offering.
Long Beach has a higher percentage of urban family renters than most cities in the state, according to Choppin. He said the city also has one of the highest percentages of small apartment properties in the state. Taking these two facts into consideration, Choppin explained that his urban town homes fit with the city fabric and fill a niche that has not been available in Long Beach before.
The project located at 325 Daisy Ave. is nearing completion and features two four-bedroom, three-bathroom units. The building is 3,400 square feet, and each unit has a two-car, direct-access garage. The other two projects will be located at 1719 Cedar Ave and 538 Golden Ave. The Cedar project consists of four five-bedroom units in a 7,400-square-foot building, while the Golden project consists of three five-bedroom units in a 5,700-square-foot building. All seven units include 3.75 bathrooms and two-car, direct-access garages.
Subscribe to our regular newsletter and get exclusive access to our next investment opportunity.
Building Middle Income Multi-Generational Housing with Scott Choppin “Today Guest is Scott Choppin. He is the founder of the Urban…Read More...
Rent Increases Up Sharply Year-Over-Year, Pace is Slowing “Welcome to the June 2022 Apartment List National Rent Report. Rent growth…Read More...