Sunday, July 2, 2017

Stepp Commercial Completes $2.16 Million Sale of Sixth Street Apartments inLong Beach, CA

Robert Stepp
Long Beach, CA -- Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.16 million sale of Sixth Street Apartments, a nine-unit apartment property in Long Beach, Calif.

Principal Robert Stepp of Stepp Commercial represented the seller, Northpoint Realty from Long Beach, as well as the buyer, VMG Properties from Santa Monica. The property closed at a 4.5 percent cap rate and a price per unit of $240,000.

"This property was purchased as a value-add opportunity and the buyer is planning on making significant renovations to improve the property," said Stepp. "As the Long Beach market continues to strengthen, the demand for well-located, improved rental units increases."

Built in 1961, the two-story property is located at 2320 E. 6th Street and consists of eight two-bedroom units and one one-bedroom unit.

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

Darcie Giacchetto
D.G. Communications, Inc.


Peachtree Hotel Group (PHG) Acquires 96-Suite TownePlace Suites Gainesville Northwest in Gainesville, FL

Brent LeBlanc
GAINESVILLE, FL — Officials of Peachtree Hotel Group (PHG), one of the nation’s fastest growing hotel investment and management platforms acquired the 96-suite TownePlace Suites Gainesville Northwest in Fla., from Gainesville Investment Lodging, LLP, a subsidiary of 3H Group, Inc., for an undisclosed sum.  

The transaction was brokered by Hospitality Real Estate Counselors (HREC).

Located at 7451 West Newberry Road just four miles from The Swamp and Ben Hill Griffin Stadium, the four-story, extended-stay hotel provides spacious suites with fully equipped kitchens and high-speed Internet access.  

Hotel amenities include a 24-hour workout facility, outdoor pool, 570 square feet of meeting space, complimentary breakfast and pet-friendly policies.

PHG continues to seek additional acquisition and development opportunities.  To discuss additional growth possibilities, contact Brent LeBlanc at 713-666-2544 or

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

Chris Daly, media
(703) 435-6293

Approximately 200 Alternative Direct Investment Professionals Expected at ADISA’s Due Diligence Forum in Chicago, IL

Kelly Shue
CHICAGO, IL -- Conference highlights include legislative and regulatory updates on the DOL fiduciary rule and tax reform, a keynote address by the University of Chicago’s Dr. Kelly Shue, and a deep dive into due diligence, liquidity events and more

What: ADISA Due Diligence Forum

When: July 13-14, 2017

Where: The Fairmont Millennium Park, Chicago

Program Notes: ADISA’s Due Diligence Forum is an alternative direct investment educational and networking opportunity that will be attended by approximately 200 broker-dealers, registered investment advisors, family offices, due diligence professionals, compliance officers, product sponsors and industry affiliates.

The association was founded in 2003 and has approximately 4,500 members who are key decision makers, representing more than 220,000 professionals throughout the nation – including sponsor members who have raised in excess of $200 billion in equity and serve more than 1 million investors.

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

Jill Swartz Julie Leber
Spotlight Marketing Communications Spotlight Marketing Communications
(949) 427-5172, ext. 701 (949) 427-5172, ext. 703