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| Robert Stepp |
LONG BEACH, CA– Stepp
Commercial, the leading multifamily brokerage firm in the Long Beach market,
has completed two apartment property sales to a single 1031 exchange buyer,
Northpoint Realty.
The assets, which are
situated across the street from each other in the Eastside/Circle area of Long
Beach by Temple Avenue, sold for a total of $4.33 million and nearly $155,000
per unit.
“Stepp Commercial worked
in conjunction with two different sellers of similar, courtyard-style apartment
properties on the same street,” said Robert
Stepp, principal with Stepp Commercial. “We advised the sellers to list
both assets at the same time with the strategy of attracting a 1031 exchange
buyer, which is exactly what happened.”
Michael Toveg,
senior vice-president with Stepp Commercial added: “Ultimately, we successfully
closed escrow on the two properties and garnered a sale price of $246 per square
foot. That is one of the highest prices ever paid for comparable apartment
assets in the surrounding area.”
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| Michael Toveg |
The first property was
sold for $2,525,000 and is located at 2705 to 2723 E. Spaulding Street. Stepp
and Toveg represented the seller, Keeley Partners, LP, as well as the buyer.
The transaction closed at a 5.4 percent cap rate. Built in 1958, the two-story,
16-unit property includes four, one-bedroom units and 12, two-bedroom units.
All the units were recently remodeled to include updated kitchens with granite
countertops.
The second property was
sold for $1,805,000 and is located at 2727 to 2730 E. Spaulding Street. Stepp
and Toveg represented the seller, BJJ Investments, LLC, as well as the buyer.
The closing cap rate was 5.1 percent. Built in 1958, the two-building,
two-story property includes 12 units consisting entirely of two-bedroom units.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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