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| Atlantic Avenue Apartments, Long Beach, CA |
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| Robert Stepp |
LONG BEACH, CA – Stepp
Commercial, a leading multifamily brokerage firm in the Long Beach market, has
completed the $3.5 million sale of Atlantic
Avenue Apartments, a 20-unit property in Long Beach.
Robert Stepp,
principal of Stepp Commercial, represented the seller, Los Angeles-based June
Quest One, LLC, as well as the buyer, Los Angeles-based Realty Holdings PSBJ.
The property closed at a 4.7 percent cap rate and a price per unit of $175,000.
Built in 1979 and located
at 5075 Atlantic Avenue just north of Del Amo, the two-story property consists
of nine one-bedroom units, 10 two-bedroom units, and one three-bedroom unit.
The asset includes 18 garage spaces and nine parking stalls, controlled access
entry, and some units feature private balconies.
“The seller was interested
in buying a larger property via a 1031 exchange,” said Stepp. “We are currently
in the process of identifying an upleg property for him,” said Stepp. “Stepp
Commercial has been working with a number of 1031 exchange clients in recent
months as many owners are looking to increase their market share in key Los
Angeles area neighborhoods.”
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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