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| Sandpiper Apartments, 14515 Leffingwell Road,.Whittier, CA |
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| Robert Stepp |
Whittier, CA, April 24,
2017 – Stepp Commercial, a leading multifamily brokerage firm in the Los
Angeles market, has completed the $14.4 million sale of Sandpiper Apartments, a 71-unit apartment community in Whittier,
Calif.
Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial
represented the seller, Los Angeles-based Westside Capital Partners LLC, as
well as the buyer, a private investor from Long Beach who was in a 1031
exchange. The property closed at a 4.84 percent cap rate and a price per unit
of just under $202,000.
Built in 1965, the
property is situated on 2.09 acres at 14515 Leffingwell Road. The unit mix
includes 41 two-bedroom units, 29 one-bedroom units and one studio.
Fifty-five
units were recently renovated to include updated kitchens featuring new custom
cabinets, granite countertops and stainless steel appliances; as well as new
vinyl plank and carpet flooring.
The property includes a pool and sun deck,
barbeque area, gated carport parking with 93 spaces, controlled access entry,
and fully landscaped grounds.
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| Michael Toveg |
“Whittier is a market that has an undersupply of quality rental units and the buyer liked that this property offered a competitive edge as a majority of the units have been upgraded to attract and retain tenants and garner favorable rental rates,” said Stepp.
Stepp Commercial is a brokerage firm
specializing in the multifamily sector for properties ranging in size from $1
million to $50 million.
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.
For more information visit
www.steppcommercial.com
Darcie Giacchetto
949.278.6224
Darcie Giachetto
Communications
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