Marcus & Millichap Inc.
09/25/2025 | Press release | Distributed by Public on 09/26/2025 15:46
Marcus & Millichap Brokers 20-Acre Multifamily Development Site Sale in Long Beach
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Marcus & Millichap Brokers 20-Acre Multifamily Development Site Sale in Long Beach
September 25, 2025
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LONG BEACH, Calif., Sept. 25, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $13 million sale of a 20.89-acre residential development site in Long Beach, California.
"The project is called River Park, and it is one of the largest residential development sites to have become available in infill Los Angeles County in years," said Matthew Wenzel, senior managing director investments in Marcus & Millichap's Orange County office. "The gated development will include 226 dwelling units consisting of 74 two-story detached single-family homes on small condominium lots, 99 two-story row townhouses, and 53 three-story carriage townhouses. The project will include 11 units of affordable housing at the very low area median income level. The development will utilize approximately 15 acres of the property with the remaining five acres to include walking trails, a soccer field, butterfly garden, and other recreational space." Wenzel provided representation for the developer, Integral Communities, which partnered with Lennar Corp. on the closing.
The River Park site is located adjacent to the Los Angeles River in Long Beach's Wrigley Heights neighborhood and is easily accessible from both Interstate 405 and U.S. Route 710. For nearly eight decades this property served as an oil well water treatment site prior to closure in 1998. In September 2020, the Long Beach Planning Commission approved the River Park project and in November 2020, the Long Beach City Council unanimously granted final approvals. The sale of this property was completed in September 2025.
"The project is called River Park, and it is one of the largest residential development sites to have become available in infill Los Angeles County in years," said Matthew Wenzel, senior managing director investments in Marcus & Millichap's Orange County office. "The gated development will include 226 dwelling units consisting of 74 two-story detached single-family homes on small condominium lots, 99 two-story row townhouses, and 53 three-story carriage townhouses. The project will include 11 units of affordable housing at the very low area median income level. The development will utilize approximately 15 acres of the property with the remaining five acres to include walking trails, a soccer field, butterfly garden, and other recreational space." Wenzel provided representation for the developer, Integral Communities, which partnered with Lennar Corp. on the closing.
The River Park site is located adjacent to the Los Angeles River in Long Beach's Wrigley Heights neighborhood and is easily accessible from both Interstate 405 and U.S. Route 710. For nearly eight decades this property served as an oil well water treatment site prior to closure in 1998. In September 2020, the Long Beach Planning Commission approved the River Park project and in November 2020, the Long Beach City Council unanimously granted final approvals. The sale of this property was completed in September 2025.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on September 25, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 26, 2025 at 21:46 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]