VOLTA ONE PINE

Location: Long Beach, California

Acquired: January 2022

Located in Downtown Long Beach, Volta On Pine is an 8-story podium core-multifamily asset delivered in 2021 on approximately 1.04 acres and offers a mix of studios, one-bedroom,two-bedroom, three-bedroom units averaging 849 square feet and has 1,300 square feet of retail space. Currently, in lease-up (Jan. 22'), the Property has had positive leasing momentum, averaging 23 leases per month since May 2021, and has seen rents increase by +/- 14% in comparing signed leases from August to October versus February to July.

Developed with luxurious and elegant finishes through a joint venture between Holland Partner Group and North America Sekisu House, LLC, the amenities include a resort-style pool & sundeck with spa, fitness center, rooftop terrace with BBQ and ocean views, executive conference and meeting rooms, outdoor grilling areas with Smart TVs, parcel lockers, bike storage, and much more. Unit interiors include quartz countertops, stainless steel appliances, wood-style flooring, full-size washer & dryers, NEST thermostats, solar mesh roller shades, undermount sinks, backsplashes, and modern cabinetry with select units having views and balconies.

In addition, its transit-oriented location offer residents immediate access to rail, bus, streetcar, bike/scooter, ride-sharing options, sits next to four different Metro Blue Line stops in Downtown Long Beach, and is surrounded by major thoroughfares such as the Pacific Coast Highway, 405 Freeway and 710 Freeway. Situated in prime Downtown Long Beach, residents enjoy convenient access to shopping destinations, restaurants, beaches, and major employment hubs.

Long Beach now coined “Space Beach” is rapidly becoming the epicenter of a booming job market led primarily by the aerospace industry. In addition, over the past 5 years, Long Beach has averaged +/- 96% occupancy levels and +/- 5% rent growth. With limited future supply and continued job growth, the strong operating metrics trends should continue. Volta on Pine also offers a +/- 20% discount to nearby coastal beach markets and currently has an affluent tenant base with an average household income above $130,000. Its prime location, durable tenant base, strong submarket fundamentals, job growth, and limited future competing supply will allow Volta on Pine to continue to foster demand and growth..