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| Kimberly Roberts Stepp |
Santa Monica, CA, Aug. 20,
2015 – Stepp Commercial, a leading multifamily brokerage firm in the Santa
Monica market, has completed two sales of fully-occupied apartment properties
in Santa Monica, one of the hottest locations for multifamily properties in Los
Angeles county.
The sales total $3.45
million and closed at or below 3.6 percent cap rates. Kimberly Roberts Stepp, principal with Stepp Commercial,
represented the private, Los Angeles-based seller and buyer on each
transaction.
The first property is
located at 1405 Ocean Park Blvd. It includes all one-bedroom, bungalow style
units with private patios and closed at a 3.6 percent cap rate.
It is located
in the Green Street district and was a turn-key opportunity for the buyer as it
had recently been extensively remodeled.
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| 1405 Ocean Park Boulevard, Santa Monica, CA |
The second property is
located at 2614 Kansas Ave. on an oversized lot of over 11,000 square feet.
It
includes six, two-bedroom units and one, one-bedroom unit and closed at a 3.3
percent cap rate.
The asset provided the buyer with a long-term, value-add
opportunity to upgrade the existing building and bring rents up to market rates
when units become available.
“The Santa Monica market
has some of the highest rents in the county and investors seek the long-term
stability as the area continues to attract business and residents looking for a
lifestyle that offers convenient access to the beach, dining, shops, nightlife,
and entertainment venues,” said Stepp.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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