Pacific Sands closes two adjacent 8-unit off-market buildings in the Wrigley neighborhood of Long Beach, California
– Ryan Mansour, Managing Partner and Chief Strategy Officer of Pacific Sands.
LONG BEACH, CALIFORNIA, United States, October 6, 2021 /EINPresswire.com/ – Pacific Sands Funds, a private real estate investment firm focused on the U.S. residential market, today announced the closure of two unique properties in Long Beach area of Southern California. This is the first acquisition of Pacific Sands in Long Beach in almost 4 years. Anthony Walker of Buckingham Investments represented the buyers of both properties. The renovation plan for both properties is to add four studio ADUs in total in the garages of both buildings to increase the overall value of the investment.
The investments mark the group’s return to California, a state with the second-lowest homeownership rate and the highest concentration of overcrowded housing in the country according to the Los Angeles Times.
“With the passage of statewide rent control laws in 2018, we have decided to shift our efforts to the Midwest,” said Ryan Mansour, Managing Partner and Chief Strategy Officer of Pacific Sands . “However, with increasing price stabilization and new ADU laws passed by California, purchasing value-added assets in the state is attractive again. We are happy to be back in So. Cal and these two assets will be a test pilot for the ADU concept, and we plan to work with Buckingham Investments to aggressively add more units to our portfolio in 2022. ”
For more information on Pacific Sands, visit www.pacificsandsfunds.com.
Pacific Sands Funds is based in Irvine, Calif., And executives have built a personal portfolio of over 500 units in Southern California, Wichita, St Louis and Kansas City over the past 10 years. Pacific Sands executives also raised four previous funds with an average internal rate of return of 30% on sale.
write us here