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| 225 Gaviota Avenue Apartments, Long Beach, CA |
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| Robert Stepp |
LOS ANGELES, CA – Stepp
Commercial, a leading multifamily brokerage firm in the Long Beach market, has
completed the $2,375,000 sale of a 16-unit apartment property located at 226
Gaviota Avenue in Long Beach in an off-market transaction.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Los
Angeles-based Jarm One, LLC, as well as the Los Alamitos-based private buyer.
The transaction closed at a 4.68 percent cap rate.
“The property is located
in an area with historically low vacancy rates so our goal was to find a buyer
who was seeking a true value-add opportunity,” said Toveg.
“We were able to
secure a buyer who was comfortable with the product type and location and saw
the opportunity to maximize the property’s income potential by changing the
façade, renovating the units, and bringing rents up to market rate.”
Built in 1920, the
property includes 12 studio units, two one-bedroom units, and two two-bedroom
units. It is located in the Alamitos Beach neighborhood of Long Beach which has
been experiencing a substantial amount of investment and rental growth over the
past two years.
For a
complete copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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