Friday, June 3, 2016

Stepp Commercial Completes $3 Million Apartment Portfolio Sale in Long Beach, CA

Robert Stepp

LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $3 million sale of a two-property, 15-unit apartment portfolio in the Alamitos Beach submarket of Long Beach.

Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Long Beach-based Beach Heights, LLC, as well as the buyer, Orange County-based RyaNik Boca River Holdings, LLC, in an off-market transaction.

“The properties are adjacent to each other and are on large lots just a few blocks from the beach,” said Stepp.

 “This portfolio was a unique opportunity for the buyer to acquire two value-add properties in Alamitos Beach, a hot, waterfront neighborhood that is centrally located and benefits from proximity to Retro Row, the beach, and Downtown Long Beach.”

Toveg added: “The buyer plans to reconfigure and renovate the units in order to bring them from rental grade to condo quality to meet the growing demand from residents seeking luxury apartments in Long Beach neighborhoods.”. 

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto


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