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| Ocean Plaza Apartments, 633 East 1st Street, Downtown Long Beach, CA |
LONG BEACH, CA, Jan. 9,
2017 – Stepp Commercial, a leading multifamily brokerage firm in the Long Beach
market, has completed the $9.7 million sale of Ocean Plaza, a 44-unit apartment property within the East Village
Arts District of Downtown Long Beach.
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| Robert Stepp |
Robert Stepp,
principal of Stepp Commercial, represented the seller, Santa Monica-based Joda
Investments, as well as the Westchester, Calif.-based private buyer. The
property closed at a 4.2 percent cap rate and a price per unit of $220,455.
Built in 1956 and located
at 633 E. 1st Street on just over one-half acre, the property consists of
three, two-story buildings with a pool in its center courtyard and offers 18
one-bedroom units and 26 studio units. The property recently underwent light
renovations, including remodeled kitchens.
“This is a sizable
property for the neighborhood that offered room for the buyer to add value
through future renovations and bringing rents to market rates,” said Stepp.
Ocean Plaza Apartments is
just one block from Ocean Blvd, within the East Village Arts District, one of
the hottest areas of Downtown Long Beach. This area is undergoing a growing
demand for housing as it provides an eclectic mix of retail, dining,
entertainment, and art.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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