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| Kimberly Roberts Stepp |
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the
seller, Los Angeles-based Devlaur, LLC, as well as the buyers, San Diego-based
private investors.
The transaction closed at a cap rate of 3.4 percent and the
price per unit was $450,000.
“This ideally located,
well maintained property was a suitable 1031 exchange and is a solid long-term
investment for the buyers,” said Stepp.
“The new ownership plans on making
additional unit upgrades in order to bring rents up to market rates upon future
vacancies. In this particular area of Santa Monica rents have peaked to record
levels due to the upscale neighborhoods and highly rated school district.”
Built in 1950 and situated
on an over-sized lot in excess of 8,000 square feet, the bungalow-style
property consists of three two-bedroom units and three one-bedroom units.
Stepp Commercial is a
brokerage firm specializing in the multifamily sector for properties ranging in
size from $1 million to $50 million. Stepp Commercial’s mission is to provide
apartment owners with a fully integrated sales platform that includes
comprehensive market knowledge and local real estate expertise to successfully
complete any type of multifamily transaction.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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