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| Bixby Park Apartments, 1132 San Antonio Drive and 4481 Orange Avenue Bixby Knolls Area, Long Beach, CA |
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| Robert Stepp |
LONG BEACH, CA, Feb.
12, 2015 – Stepp Commercial, the leading multifamily brokerage firm in the Long
Beach market, has completed the $6,625,000 sale of Bixby Park Apartments, a
40-unit property located at 1132 San Antonio Dr. and 4481 Orange Ave. in the
Bixby Knolls area of Long Beach.
Robert Stepp, principal with Stepp Commercial,
represented the sellers, Pathfinder Partners and Ryanik based in Los Angeles
and San Diego respectively.
Stepp also represented the buyer, a Westchester,
Calif.-based private investor. The property closed at a 5.2 percent cap rate.
“Bixby Park Apartments is one of the largest multifamily
properties in Long Beach that has closed over the past six months and is truly
a unique asset that takes up an entire city block,” said Stepp.
“The seller
acquired the property in 2012 as a distressed, real-estate owned asset,
invested approximately $800,000 in capital improvements and was able to make a
strong return on investment.”
Stepp added that Bixby Park garnered 12 offers and sold at
list price. The buyer plans to make additional cosmetic upgrades to the
exteriors and interior units in order to add value for securing market rents.
Situated on nearly 1.5 acres and consisting of 10 buildings,
Bixby Park includes 12, two-bedroom/one-bathroom 624-square-foot units; and 28,
one-bedroom/one-bathroom 826-square-foot units.
The asset offers and open
garden courtyard, two laundry facilities, 32 garages and ample street parking.
Bixby Knolls is a submarket of Long Beach adjoining North
Long Beach to the north, California Heights on the southeast, and Wrigley on
the southwest.
Its approximate boundaries are the 405 Freeway to the south, Del
Amo Blvd. to the north, the Los Angeles River and the Lakewood city boundary to
the west. Atlantic Ave. and Long Beach Blvd. are the main north-south arteries
through the neighborhood which includes the Los Cerritos - Virginia Country
Club and the original Los Cerritos Ranch House historic site.
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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