Friday, May 26, 2017

Stepp Commercial Completes $10.55 Million Sale of 56-Unit Long Beach, CA Apartment Portfolio

Robert Stepp
Long Beach, CA - Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.55 million sale of a 56-unit apartment portfolio consisting of three properties in Long Beach, Calif.

Principal Robert Stepp of Stepp Commercial represented the seller, a private investor from Signal Hill, as well as the buyer, Mandek 10 Property Partners, LLC from Corona Del Mar. The portfolio closed at a 4.6 percent cap rate and a price per unit of nearly $189,000.

"This portfolio offered the buyer a solid mix of one- and two-units with rental upside and ample parking," said Stepp. 

"Additionally, this is the downleg for the seller in a 1031 exchange who wanted to sell its smaller assets and trade up into a larger, single, turn-key apartment community for easier property management functions.

“Overall, this increased the seller's cash flow and provided the buyer with a value-add opportunity in a non-rent controlled market."

The three properties include:

*       765 Cerritos Avenue, a 20-unit property built in 1963
*       731 Orange Avenue, a 24-unit property built in 1958
*       933 Alamitos Avenue, a 12-unit property built in 1945

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

Darcie Giacchetto
D.G. Communications, Inc.

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