Why Long Beach is the Best City for Real Estate Investing

The city of Long Beach is booming, making it a great opportunity for those looking to invest in real estate. In this video, we had the pleasure of interviewing Sergio Ramirez, the Deputy Director of Economic and Property Development for the City of Long Beach. Sergio’s department is responsible for bringing employment, new jobs, and housing to the City of Long Beach.

  • What are some competitive advantages of investing in Long Beach?
    • The City currently has over 5 billion dollars of private investment occurring.
    • Long Beach has an incredible, stable political environment due to strong, forward-thinking leadership.
  • What direction are economic indicators trending?
    • Vacancy rates, property values, unemployment, and rental rates are trending in a favorable direction.
    • There is built-up demand that is being filled, while retaining room for growth.
  • Why are developers choosing to come to Long Beach?
    • Strong political environment.
    • There has been increased safety throughout the City.
    • Long Beach is very business and investor friendly.
  • What are the Opportunity Zones throughout Long Beach?
    • 19 areas designated as opportunity zones = 3,200 acres
    • These projects have priority, making permitting and entitlement processes faster and more efficient.
  • Are there any exciting companies bringing jobs to Long Beach?
    • Strong growth downtown with office development and redevelopment
    • Increased development around Long Beach Airport and Douglas Park, including several satellite launch companies making this area their home (i.e. Virgin Orbit, SpinLaunch)
    • Many aerospace and satellite launch companies have decided to make Long Beach their “home base.”
  • What is the City doing to combat the housing crisis?
    • There are state quotas to build around 26,000 housing units.
    • Dense urban development is occurring in Downtown Long Beach.
    • The “Land Use Element” allows for denser, taller developments throughout the City. This is a similar approach to cities such as San Diego and San Francisco.
  • Where are the hotspots for investing in Long Beach?
    • Downtown Long Beach is becoming an urban metropolis, allowing projects of up to 200 feet in height, coupled with a streamlined permitting process with approval being granted within 3, 6, 9, or 12 months.
    • Similar developments in other, similar cities could take between 5-10 years.
    • The “Uptown” area in North Long Beach near the Michelle Obama Library has three major retail developments coming soon: one by Frontier Development, one by Westland Development, and one 50 parcel development by The Lab Holdings (the developer that created the Anaheim Packing House).
  • How does all of this development impact multifamily landlords?
    • Property values have continued to increase.
    • There is a fine line between redeveloping areas that need investment while avoiding rapid gentrification.
  • What can landlords and developers expect when they come to the new City Hall?
    • They can expect to feel welcomed, while having a “one-stop-shop” experience.
    • The City will provide all the information they will need, while providing a “road map” to assist in their decision-making process.
  • What can we expect for the multifamily market in 2020?
    • There are strong indicators for continued growth.
    • RealQuest has identified Long Beach as one of the hottest apartment markets in the country.
    • As amenities are increasing, Long Beach’s desirability and momentum is trending upward, making it an awesome opportunity for investors, developers, and landlords.

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