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| 15-Unit Apartment Community, 1065 East Ocean Boulevard, Alamitos Beach Submarket, Long Beach, CA |
LONG BEACH, CA, June 28,
2016 – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach
market, has completed the $3.11 million sale of a 15-unit multifamily property
in the prime Alamitos Beach submarket of Long Beach.
Robert Stepp,
principal of Stepp Commercial, represented the seller, Long Beach-based Seward
Road Enterprises, as well as the buyer, Calabasas-based 17 CNE, LLC, in the
transaction. The property closed at a 3.95 percent cap rate and a price per
unit of $207,000.
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| Robert Stepp |
Built in 1922 and located
at 1065 E. Ocean Boulevard, the unit mix includes 11 studios, three one-bedroom
units, and two two-bedroom units. It features a central courtyard,
controlled-access entry, and an on-site laundry facility.
The unit interiors
offer hardwood and ceramic tile flooring, ceiling fans, and granite
countertops. Several of the units feature balconies and ocean views.
“This asset is situated
across the street from the beach and has been impeccably maintained and yet
retains a lot of its 1920s charm, making it very desirable to renters,” said
Stepp. “The buyer plans on making some additional updates to the units and
holding the property long-term.”
Stepp added that this
property is located at the edge of Alamitos Beach and is adjacent to the East
Village Arts District in Downtown Long Beach, a neighborhood that is rapidly
gentrifying and seeing new shops, restaurants and entertainment venues opening
at a swift pace.
Year-to-date, Stepp
Commercial has completed 31 transactions totaling 575 units with a cumulative
value in excess of $116 million.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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