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| Robert Stepp |
LONG BEACH,
CA – Stepp Commercial, the leading multifamily brokerage firm in the Long Beach
market, has completed the $3.2 million sale of a 16-unit apartment property
located at 1175 2nd Street in Long Beach.
Robert Stepp, principal, and Michael Toveg, vice president, with Stepp Commercial, represented
both the buyer, Joda Investments, and the private seller in this off-market
transaction. The property closed at a 5.1 percent cap rate and $200,000 per
unit.
Joda
Investments plans to completely renovate the face of the property as well as
make significant improvements to the units, which include installing hardwood
floors and new stainless steel appliances in addition to making other updates
to modernize the units.
“The seller
was reluctant to let go of his Alamitos Beach property but agreed to look at
offers after learning that properties in the area were selling for a premium,”
said Toveg. “We procured an off-market offer that exceeded the seller’s price
expectations from a buyer that was attracted to the building’s upside
potential.”
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| Michael Toveg |
Stepp added
that Stepp Commercial also worked with the buyer obtain a 2.88 percent, 5-year
fixed rate, $2.35 million permanent loan on the property.
Built in
1964, the property is well-located near many retail and dining amenities,
Miracle on 4th Street Park, East Village Arts Park and Bixby Park, and is just
three blocks from the beach.
For a complete copy of the company’s
news release, please contact:
Darcie
Giacchetto
949.278.6224
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