During the pandemic, the South Bay has emerged as one of the most enticing markets for developers and investors. In 2021, 333 multifamily properties sold in the market, up from 198 the year before, according to data from CBRE Group Inc. Also in 2021, 26 office buildings traded hands, up from 21 the year before.

Multifamily properties in Long Beach have been in high demand. The occupancy rates for apartments in the area was 97.1% as of the third quarter of 2021, the highest in 11 years of research provided by Newmark Group Inc. That gain is despite 421 new units being delivered to the market.

New York-based Turnbridge Equities, Newport Beach-based Waterford Property Co. and Beverly Hills-based Monument Square Investment Group have acquired City Place Long Beach for an undisclosed sum. The property is a 14-acre retail, office and mixed-use development in the city’s downtown area.