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| Robert Stepp |
LONG BEACH, CA, Aug. 4, 2015 – Stepp Commercial, the leading
multifamily brokerage firm in the Long Beach market, has completed the
$4,875,000 sale of 96 percent occupied, 27-unit apartment property located at
1101-1121 Gaviota Ave. in Long Beach.
Robert Stepp,
principal with Stepp Commercial, and Michael
Toveg, vice-president, represented the buyer, Rdbh, LLC. The seller, Lunar
Bear Properties II, LLC, represented itself. The closing cap rate was 4.9
percent.
“The buyer plans to hold
this asset long-term and liked the unit mix which consists of mostly
two-bedroom units,” said Stepp. “Finding a turn-key property like this with
more than 20 units is hard to come by in this supply-constrained market.”
Built in 1988, the
property consists of two, three-story buildings with upgraded units that
include hardwood floors, granite countertops, washer and dryer, and ceiling
fans.
The property is located within the Rose Park historical district near the
neighborhoods of Carroll Park and Belmont Heights.
For a
complete copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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