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| Kimberly Roberts Stepp |
Santa Monica, CA, Aug.10,
2015 – Stepp Commercial, a leading multifamily brokerage firm in the Santa
Monica market, has completed the $2.5 million sale of fully occupied, six-unit
apartment property located at 1820 12th St. in Santa Monica.
Kimberly Roberts Stepp, principal with Stepp Commercial, represented the
seller, a Los Angeles-based private investor.
The buyer, Los Angeles-based 126
Company, was represented by MYI, Inc. The closing cap rate was an extremely low
3 percent and a per-unit price of $417,000.
Built in 1973, the
property includes one, three-bedroom unit; and five, two-bedroom units.
“This property presented
the buyer with an opportunity to reposition and add value to the asset which is
situated on a quiet, tree-lined street that is undergoing a favorable amount of
revitalization,” said Stepp.
“There are new condo
developments that recently completed across the street and next door to this
asset. This bodes well for property appreciation, as more capital flows into
this well-located neighborhood.”
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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