Wednesday, January 25, 2017
Stepp Commercial Completes $3.5 Million Sale of 20-Unit Atlantic Avenue Apartments in Long Beach, CA
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:
Posted by Alex at 1:44 PM