Tuesday, August 4, 2015

Stepp Commercial Completes $4,875,000 Sale of Apartment Property in Long Beach, CA


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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