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| Robert Stepp |
LOS ANGELES, CA, May 24,
2016 – Stepp Commercial, a leading multifamily brokerage firm in the Los
Angeles market, has completed the $3.08 million sale of a 19-unit apartment
property in Inglewood in an off-market transaction.
Robert Stepp and Mark Witsken of Stepp Commercial represented the buyer, a private
investor from Inglewood. The seller, Lunar Bear Victor, LLC, was represented by
Matt Pernice of NW Real Estate Brokers. The transaction closed at a 4.08
percent cap rate.
Built in 1960 and located
at 816 Victor Avenue, the property includes nine one-bedroom units, seven
two-bedroom units, one three-bedroom unit and two studio units.
“The buyer owns several
other assets in the City of Inglewood and plans to completely renovate the
property, bring rents to market value, and hold long term,” said Stepp.
“The owner of this
property will benefit from the billions of dollars of capital that is expected
to be invested into the Inglewood area over the next several years. As the LA
Rams Stadium and surrounding infrastructure are built up, the residential
market is anticipated to thrive as well.”
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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