Monday, April 24, 2017

Stepp Commercial Completes $14.4 Million Sale of Sandpiper Apartments in Whittier, CA

Sandpiper Apartments, 14515 Leffingwell Road,.Whittier, CA

Robert Stepp
Whittier, CA, April 24, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $14.4 million sale of Sandpiper Apartments, a 71-unit apartment community in Whittier, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Los Angeles-based Westside Capital Partners LLC, as well as the buyer, a private investor from Long Beach who was in a 1031 exchange. The property closed at a 4.84 percent cap rate and a price per unit of just under $202,000.

Built in 1965, the property is situated on 2.09 acres at 14515 Leffingwell Road. The unit mix includes 41 two-bedroom units, 29 one-bedroom units and one studio. 

Fifty-five units were recently renovated to include updated kitchens featuring new custom cabinets, granite countertops and stainless steel appliances; as well as new vinyl plank and carpet flooring. 

The property includes a pool and sun deck, barbeque area, gated carport parking with 93 spaces, controlled access entry, and fully landscaped grounds.

Michael Toveg

“Whittier is a market that has an undersupply of quality rental units and the buyer liked that this property offered a competitive edge as a majority of the units have been upgraded to attract and retain tenants and garner favorable rental rates,” said Stepp.

 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.

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Darcie Giacchetto

Darcie Giachetto Communications

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