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| Palmdale Apartments, 845 East 6th Street, Downtown Long Beach, CA |
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| Robert Stepp |
LONG BEACH, CA – Stepp
Commercial, a leading multifamily brokerage firm in the Long Beach market, has
completed the nearly $3.18 million sale of Palmdale
Apartments, a 24-unit property located in the East Village Arts District of
Downtown Long Beach.
Robert Stepp and Michael Toveg of Stepp Commercial, represented the private seller
from Riverside, Calif., as well as the buyer, Beverly Hills-based, Forward 6th
Street Investments, LLC. The property closed at a 4.57 percent cap rate and a price
per unit of nearly $132,500.
Built in 1924 and located
at 845 E. 6th Street, the two-story property consists of 23 studio units and
one two-bedroom unit. The property was
renovated recently to include hardwood floors and granite countertops in all of
the units.
“This property is very
close to prime Downtown Long Beach and is within the East Village Arts
District, a neighborhood that is rapidly growing.
" New shops, restaurants and
entertainment venues are opening on a monthly basis here, and are attracting
young professionals looking to experience an urban, amenity-rich lifestyle,”
said Stepp.
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| Michael Toveg |
The buyer plans to add
value through additional renovations to the exterior common areas as well as
unit upgrades.
Stepp Commercial is a brokerage firm
specializing in the multifamily sector for properties ranging in size from $1
million to $50 million in Long Beach.
Stepp Commercial’s mission is to provide
apartment owners with a fully integrated sales platform that includes comprehensive
market knowledge and local real estate expertise to successfully complete any
type of multifamily transaction.
Specializing in one key
market gives Stepp Commercial a competitive advantage which accelerates and
ensures client success. For more information visit
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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