Inland Real Estate Acquisitions Buys Beachfront Multifamily Property in New York
Inland Real Estate Acquisitions LLC, the purchasing arm for various Inland-sponsored programs, has purchased an 11-story, 109-unit multifamily property located in Long Beach, New York.
Inland Real Estate Acquisitions LLC, the purchasing arm for various Inland-sponsored programs including various Delaware statutory trust investments and non-traded real estate investment trusts, has purchased an 11-story, 109-unit multifamily property located in Long Beach, New York. The property was purchased on behalf of an Inland affiliate for an undisclosed sum.
Recently renamed 10 West Apartments, the property is one of the only ocean-front rental buildings in New York and consists of a one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units with 177 rentable parking spaces.
The building was renovated from 2013 to 2018 following Hurricane Sandy, with a $44 million coastal restoration by The U.S. Army Corps of Engineers, in which the beach size was increased to prevent storm and wave action from causing damage to the local boardwalk and homes.
Each unit was renovated in 2015 and 2016 with upgraded kitchens, hardwood floors, full size washers and dryers, and private balconies. Community amenities include a two-story fitness center, an outdoor heated swimming pool, a library, lounge area and storage lockers for resident use.
The property was 99 percent occupied at closing.
Since inception, Inland Acquisitions has facilitated more than $48 billion of purchases including single-tenant properties, medical office buildings, apartments and retail properties.
