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Walker & Dunlop, Inc. announced that it facilitated the $156,000,000 sale and $91,260,000 financing of Volta on Pine, a 271-unit, core multifamily property with 1,300 square feet of ground floor retail space in the heart of Downtown Long Beach, California. Historically tied to aviation, Long Beach is rapidly becoming the epicenter of the aerospace industry. Startups including SpinLaunch, Rocket Lab, and Relativity Space have chosen the area as their headquarters since 2019, providing for a highly active job market in Long Beach.
Volta on Pine will benefit from the recent uptick in Long Beach’s booming job market and provide commuting renters with access to the approximately 950,000 jobs offered throughout Long Beach, Beach Cities, Downtown LA, and Irvine. Delivered in early 2021, the property is a collaboration between North America Sekisui House Holland JV and MVE + Partners Architects.
Volta on Pine is situated in the heart of Long Beach’s Downtown, offering residents access to shopping destinations, restaurants, breweries, and various grocery stores. Local attractions also include the Aquarium of the Pacific, Long Beach Convention & Entertainment Center, Long Beach Jazz Festival, Museum of Latin American Art, Lions Lighthouse, and the Long Beach Grand Prix. The property’s community amenities include a rooftop terrace with ocean views and barbecue stations, executive meeting rooms, a 24-hour fitness center, sky lounge, pool, and spa. The apartment homes feature gourmet chef’s kitchens with stainless steel appliances, quartz countertops, spa-inspired bathrooms, and spacious bedrooms.
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality.