Sunday, February 28, 2016

Stepp Commercial Completes Sale of 16-Unit Apartment Property in Long Beach, CA

225 Gaviota Avenue Apartments, Long Beach, CA
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

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