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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.
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| 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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