Thursday, July 7, 2016

Stepp Commercial Completes $2.95 Million Sale of Apartment Property in Long Beach, CA

Robert Stepp
 LONG BEACH, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $2.95 million sale of Bluff Park Apartments, a 12-unit multifamily property in the prime Alamitos Beach submarket of Long Beach.

Robert Stepp, principal of Stepp Commercial, represented the seller, San Francisco-based Virtu Bluff Park Associates, LLC, as well as the buyer, Long Beach-based Seaward Road Enterprises, LLC in the transaction. The property closed at a 5.32 percent cap rate and a price per unit of $245,833.

“Bluff Park Apartments offered the buyer a rare, turn-key condition asset that offers strong in-place cash-on-cash returns that he plans on holding long-term,” noted Stepp. 

“It is also in a prime location just one block from Bluff Park and the beach, and is also close to Retro Row and Downtown Long Beach – areas that offer a wide variety of shopping, entertainment and dining amenities.”

Bluff Park Apartments, 1825 East 1st Street,
 Long Beach, CA
Built in 1953 and located at 1825 E. 1st Street, the well-maintained property includes 10 one-bedroom units and two two-bedroom units. 

Eleven of the units were recently fully renovated and feature hardwood floors, granite countertops, stainless steel appliances, and in-unit washers and dryers.

Year-to-date, Stepp Commercial has completed 31 transactions totaling 575 units with a cumulative value in excess of $116 million.

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

Darcie Giacchetto

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