Is anyone buying multi-family in Los Angeles or Long Beach?

[Will F.]

I'm looking in the Long Beach area of Los Angeles County for a multi-unit apartment. I like Long Beach because there's no rent-control and apartments are more affordable at 125-190k per unit than most areas of Los Angeles.

Are there any investors out there currently looking or have recently purchased a 8-20 unit in LA or LB areas?

It has been hard to find any good value-ad properties in the area. I've been scouring Loopnet, and the MLS for a multi, but not many have met my criteria.

Does anyone know about the long-term outlook for long beach housing?  It seems to have a lot of apartments, that are definitely lower rent than most areas of Los Angeles.  

Does anyone think that Long Beach is over priced already or are there any major issues with Long Beach that long time investors have noticed.  

(I've also been looking into Lakewood, Downey, Bellflower, Paramount, and some parts of Northeast LA like highland park, cypress park, chinatown, downtown LA adjacent areas, el sereno, USC area, Boyle Heights and lincoln heights--but the rent control in LA City screws up a lot of those deals.  I've focused my search primarily in Long Beach, but would be willing to venture out)

Thanks.