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| Robert Stepp |
LONG BEACH, CA – Stepp
Commercial, a leading multifamily brokerage firm in the Long Beach market, has
completed the $3 million sale of a two-property, 15-unit apartment portfolio in
the Alamitos Beach submarket of Long Beach.
Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, Long
Beach-based Beach Heights, LLC, as well as the buyer, Orange County-based
RyaNik Boca River Holdings, LLC, in an off-market transaction.
“The properties are
adjacent to each other and are on large lots just a few blocks from the beach,”
said Stepp.
“This portfolio was a unique opportunity for the buyer to acquire
two value-add properties in Alamitos Beach, a hot, waterfront neighborhood that
is centrally located and benefits from proximity to Retro Row, the beach, and
Downtown Long Beach.”
Toveg added: “The buyer
plans to reconfigure and renovate the units in order to bring them from rental
grade to condo quality to meet the growing demand from residents seeking luxury
apartments in Long Beach neighborhoods.”.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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