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| 425 Lime Avenue Apartments, East Village Arts District, Downtown Long Beach, CA |
LONG BEACH, Calif. April 27, 2015 – Stepp Commercial, the
leading multifamily brokerage firm in the Long Beach market, has completed the
$2.53 million sale of a 20-unit apartment property located at 425 Lime Avenue within the East Village
Arts District in Downtown Long Beach.
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| Robert Stepp |
Robert Stepp,
principal, and Michael Toveg, vice
president, with Stepp Commercial, represented the buyer, NNC Apartment Venture
LLC from Long Beach, as well as the seller, a private investor from Palos
Verdes.
The property closed at a 5.88 percent cap rate.
Built in 1973, 425 Lime Avenue features 15 one-bedroom units
and five studio units. The majority of the units offer balconies or patios.
“Stepp Commercial marketed the property as an opportunity to
add value by making renovations to the outdated units in order to obtain market
rents,” said Stepp.
“We identified a seasoned buyer – an owner and operator of
more than $500 million in multifamily properties nationally – that was willing
to assume a loan on the property slightly higher than current rates.”
Toveg noted: “The buyer was attracted to the building due to
its East Village Arts District location and plans on a full renovation and
repositioning of the property in the coming months.”
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| Michael Toveg |
The East Village Arts District is the name of the eastern half of Downtown Long Beach and is one of the hottest areas in the city. This district is undergoing a growing demand for housing as it provides an eclectic mix of retail, dining, entertainment, and art.
The property will also see the long-term benefit of being near
The
Current at Shoreline Gateway, a 17-story mixed-use project that will include
223-apartment units and retail, which is also within the East Village and is
set to open in early 2016.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224