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| Robert Stepp |
LONG BEACH, CA – Stepp
Commercial, a leading multifamily brokerage firm in the Long Beach market, has
completed the $2.95 million sale of Bluff
Park Apartments, a 12-unit multifamily property in the prime Alamitos Beach
submarket of Long Beach.
Robert Stepp,
principal of Stepp Commercial, represented the seller, San Francisco-based
Virtu Bluff Park Associates, LLC, as well as the buyer, Long Beach-based
Seaward Road Enterprises, LLC in the transaction. The property closed at a 5.32
percent cap rate and a price per unit of $245,833.
“Bluff Park Apartments
offered the buyer a rare, turn-key condition asset that offers strong in-place
cash-on-cash returns that he plans on holding long-term,” noted Stepp.
“It is
also in a prime location just one block from Bluff Park and the beach, and is
also close to Retro Row and Downtown Long Beach – areas that offer a wide
variety of shopping, entertainment and dining amenities.”
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| Bluff Park Apartments, 1825 East 1st Street, Long Beach, CA |
Built in 1953 and located
at 1825 E. 1st Street, the well-maintained property includes 10 one-bedroom
units and two two-bedroom units.
Eleven of the units were recently fully
renovated and feature hardwood floors, granite countertops, stainless steel
appliances, and in-unit washers and dryers.
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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