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| Junipero Avenue Apartments, Carroll Park Submarket, Long Beach, CA |
Long Beach, CA – Stepp Commercial, a leading
multifamily brokerage firm in the Long Beach market, has completed the $5.35
million portfolio sale of two apartment properties in the Carroll Park
submarket of Long Beach totaling 26 units.
The properties are within walking distance of the
beach, Bixby Park, Bluff Park and the shops and restaurants of Retro Row on 4th
Avenue.
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| Robert Stepp |
Robert Stepp, principal with Stepp Commercial,
represented the seller, a private investor from Long Beach, as well as the
buyer, Long Beach-based The Waterford Group, Inc. The price per unit was
$205,000.
“Apartment properties in Carroll Park rarely come on
the market and because of this coveted residential location, we had a strong
amount of interest in these assets,” said Stepp. “The buyer not only liked the
neighborhood, but the opportunity to add-value through renovation of the
interior units.”
The first property includes 16 units and is located at
311 to 315 Junipero Avenue. Built in 1962, the two-story building consists of
10 one-bedroom units and six two-bedroom units. It features a beautifully
landscaped central courtyard, on-site laundry, and eight private garages.
The second property includes 10 units and is located
at 500 Junipero Avenue. Built in 1963, the two-story property consists of eight
one-bedroom units and two two-bedroom units. The property offers a central
courtyard, on-site laundry and five private garages.
Carroll Park was the first planned housing tract in
Long Beach. Homes were originally constructed there between 1898 and 1923 and
it was designated as a Historical Landmark District in 1982. The Park’s unique
circular layout gives it a seclusion that is unlike any other part of Long
Beach. It boasts historic architectural styles, old-growth trees, and narrow
streets that wind around four grassy islands that anchor the Park’s inner
circle.
For more
information visit www.SteppCommercial.com
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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