Friday, September 16, 2016

Stepp Commercial Completes $5.35 Million Apartment Property Sale in Long Beach, CA

Junipero Avenue Apartments, Carroll Park Submarket, Long Beach, CA
 Long Beach, CA – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach market, has completed the $5.35 million portfolio sale of two apartment properties in the Carroll Park submarket of Long Beach totaling 26 units.

The properties are within walking distance of the beach, Bixby Park, Bluff Park and the shops and restaurants of Retro Row on 4th Avenue. 

Robert Stepp
Robert Stepp, principal with Stepp Commercial, represented the seller, a private investor from Long Beach, as well as the buyer, Long Beach-based The Waterford Group, Inc. The price per unit was $205,000.  

“Apartment properties in Carroll Park rarely come on the market and because of this coveted residential location, we had a strong amount of interest in these assets,” said Stepp. “The buyer not only liked the neighborhood, but the opportunity to add-value through renovation of the interior units.”

The first property includes 16 units and is located at 311 to 315 Junipero Avenue. Built in 1962, the two-story building consists of 10 one-bedroom units and six two-bedroom units. It features a beautifully landscaped central courtyard, on-site laundry, and eight private garages.

The second property includes 10 units and is located at 500 Junipero Avenue. Built in 1963, the two-story property consists of eight one-bedroom units and two two-bedroom units. The property offers a central courtyard, on-site laundry and five private garages.

Carroll Park was the first planned housing tract in Long Beach. Homes were originally constructed there between 1898 and 1923 and it was designated as a Historical Landmark District in 1982. The Park’s unique circular layout gives it a seclusion that is unlike any other part of Long Beach. It boasts historic architectural styles, old-growth trees, and narrow streets that wind around four grassy islands that anchor the Park’s inner circle.
 For more information visit

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

Darcie Giacchetto

No comments: