Sunday, May 17, 2015

Stepp Commercial Completes $3 Million Sale of 20-Unit Apartment Property in Long Beach, CA

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Cerritos Apartments, 765 Cerritos Avenue, Downtown Long Beach, CA
 
LONG BEACH, CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach market, has completed the $3 million sale of a 20-unit property located at 765 Cerritos Avenue in Downtown Long Beach. 

Robert Stepp
Robert Stepp, principal with Stepp Commercial, represented the seller, Pacific Palisades, Calif.-based 765 Cerritos LLC, as well as the buyer, a private investor from Egypt. The property closed at a 5.81 percent cap rate.

Built in 1963 the property offers a central courtyard and includes two, three-bedroom units; 14, two-bedroom units; and four, one-bedroom units with sizes ranging from 670 square feet to 1,100 square feet. 

All the units were recently renovated to include custom cabinetry, granite countertops in the kitchen and bathroom, and ceramic tile flooring.

The seller had just completed a major renovation of every unit in the property when he approached Stepp Commercial about listing it. 

Having taken out a renovation loan from the City of Long Beach, rents on several units were frozen for the next 24 months. He was concerned about finding a suitable buyer willing to take on the property with the rent restrictions.

“We assured the seller that we would be able to find a buyer who understood the rental situation,” said Stepp. “We identified a buyer after just two weeks of marketing the property and were able to secure a price very close to the asking price. Newly renovated, well-located properties such as this one are in high demand.”

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

Darcie Giacchetto
949.278.6224


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